This is the final part of our look back at what our readers found interesting, and what made headlines in the last four months to close out 2014. It was a mix of outrageous comments, and outrage on Parliament Hill that struck a chord with brokers.
September
Manulife makes blockbuster buyout 04/09/2014
Manulife Financial Corporation announced a $4-billion deal in Quebec, buying out the operations of one of that province’s insurance giants.
Manulife Financial Corporation (MFC) announced that The Manufacturers Life Insurance Company (MLI) and Standard Life Oversea Holdings Limited, a subsidiary of Standard Life plc, had entered into an agreement under which MLI will acquire the Canadian-based operations of Standard Life plc for approximately $4 billion in cash at closing, subject to certain adjustments.
Rob out, Doug in – can a broker win the mayoralty? 12/09/2014
Doug Ford announced that he was filing his papers to run for mayor of Toronto, quickly followed by an announcement that his brother Rob is pulling out of the race.
But could it have meant an election victory for one Toronto-area insurance broker, who threw his hat into the ring last spring?
Rocco Di Paolo, president and CEO of Rock Anthony Insurance in Toronto, Ont., has described himself as ‘Rocky’ – a contender that is a long shot.
Rob Ford was diagnosed with an abdominal tumour, and it is that which has prompted his decision to remove himself from the race – opening the door for other contenders to take the mayoral seat.
Growing popularity of MGAs demands regulation: broker 16/09/2014
There is a definite value to MGAs, and their value will only increase as insurers become more conservative in their underwriting, says one Ontario broker.
“I think that MGAs are becoming much more important,” says one Sudbury broker who took part in the Rating MGAs survey, “as insurers are just looking for what fits in their box.”
Telling Insurance Business in a follow-up telephone interview that MGAs will play an ever larger role in broker underwriting, she did point out that there is a need for some kind of regulation of managing general agents. (continued.)
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October
Cynicism surrounds Ontario’s auto insurance 04/10/2014
Comments on the article ‘Accident victims at risk at clinics’ revealed a deep cynicism, with readers expressing a mix of despair and disgust at what they see as a disregard for those in need.
One reader, Rick, wrote: “Ignoring that the quality of insurer examinations really does matter is what is bringing down the system. Victims have good reason to be dissatisfied when they don't get what they paid for. So why are the insurers not insisting on quality med reports and cleaning up the mess they created? Oh yes, it's called profit and the dishonest and deceptive and defective system we have works for them.”
The original article looked at the group for accident insurance reform (FAIR), which called on Queen’s park to fix what it saw as a ‘broken auto insurance system.’
Officer charged with alleged benefits fraud 15/10/2014
A York Regional Police officer has been charged by her own force after company insurance benefits were allegedly misused.
The force’s Police Professional Standards Bureau launched an investigation back in July of an officer in response to complaints from the benefits provider.
Charged with two counts of uttering false documents, and two counts of fraud under $5,000 is Constable Salwa Husseini, age 31.
Delegates in lockdown tweet from convention 22/10/2014
IBAO delegates have been tweeting from the hotel and convention centre this morning, as the nation's capital has been plunged into lockdown following the shooting of a soldier who was standing guard at the National War Memorial.
According to reports and the Toronto Star, a soldier standing guard at the National War Memorial in Ottawa has been shot by an unknown gunman, who then moved to nearby Parliament Hill and opened fire inside the Centre Block.
Ottawa police confirmed they had a call at 9:52 a.m. with a report of shots fired.
Some of the early tweets from delegates read like this:
“Please stay safe if you’re in Ottawa. Our thoughts are with the victim of the shooting.”
To see how Insurance Business covered the day’s tragic events, click on these links:
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November
‘I say things people don’t like to hear,’ says broker 12/11/2014
There is a broker who is frustrated at where the industry is headed, and cautions that in the rush to embrace technology, the channel is losing its trump card – valued face-to-face advice.
“We’ve lost touch with the client,” says Mike O’Grady, broker/owner of O’Grady & Associates Insurance Services in Tillsonburg, Ont., who admits that his opinion may not the popular message that is currently being put out to brokers. “I’m the type of person that says things people don’t like to hear; but brokers who are going online – it is just going the wrong way – that’s what rubs me the wrong way.”
Rolling Stones, insurers settle 14/11/2014
Perhaps they were all listening to the Beatles’ Come Together, as the Rolling Stones today settled a dispute with insurers over their $12.7 million claim.
The Stones were claiming the sum after cancelling a number of concerts in Australia following the suicide of frontman Mick Jagger's girlfriend L'Wren Scott back in March.
Although happy the dispute has been resolved, Jagger is reported to have been upset that confidential medical records were made public during the court case.
According to the Orangeville Banner, one of the items revealed in the court documents was that the singer had been “diagnosed as suffering from acute traumatic stress disorder” and was advised by doctors not to perform for at least 30 days.
Insurance exec found stabbed to death 24/11/2014
Police are on the hunt for the killer of a senior life insurance executive who was stabbed to death near a jogging trail close to home.
Fifty-four-year-old Melissa Millan, a senior vice president with MassMutual Financial Group since 2001, was jogging along a path beginning in Westfield, Conn. and heading south. She was found by a motorist, who first believed Millan was the victim of a hit and run accident, at about 8 p.m. Thursday near Simsbury, Conn. She was transported to a local hospital where she died.
The medical examiner said Millan had been stabbed in the chest.
“Regardless of her formidable responsibilities at home and at work, she made every effort to mentor ‘newbie’ triathletes and provide moral and other support to her team members year in and year out, without fail,” said Team Training New England, a group of triathletes that arranged the private vigil. (continued.)
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December
Jail, restitution ordered for staged-collision ring 02/12/2014
The decision to jail and order $1.3 million in restitution for the ringleader of a staged-collision ring was applauded by the insurance industry.
An Ontario Judge has handed down a strong sentence to a “directing mind of several clinics” involved in a staged collision ring.
“We applaud this appropriate sentence,” said Rick Dubin, vice-president, investigative services for the Insurance Bureau of Canada. “It is significant and will hopefully act as a strong deterrent for others considering this type of illegal conduct. It makes it clear that the courts are taking these crimes more seriously by imposing harsher penalties and restitution.”
Carroll steps down from IBAO 09/12/2014
The Ontario broker channel was completely caught off guard when the IBAO Executive Committee announced that Randy Carroll had moved on from his role as CEO of the Insurance Brokers Association of Ontario.
“We wish to thank Mr. Carroll for his significant contributions to the Association, and the industry as a whole,” said IBAO president Chris Floyd, “over his career with the IBAO and wish him well going forward.”
Drunk driver blames beer-battered fish 16/12/2014
A man told police he had not been drinking, but rather eating beer-battered fish when he was pulled over for what could be his 10th drunken driving offense.
According to the Daily Mail, the deputy had spotted John Przybyla, of Friendship, Wisconsin, driving with a broken taillight and making a U-turn on Highway 13 in Dell Prairie at around 2.30 p.m. on October 12, followed his vehicle and discovered he had a revoked license.
The deputy said he smelled alcohol on his breath and saw that his eyes were blood shot, according to an incident report released by the Adams County Sheriff's Department.
The sheriff’s deputy asked Przybyla how much he had had to drink. Przybyla replied that he had not been drinking and instead had eaten beer-battered fish at a fish fry.
