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• Industry strikes deal to protect drug plans from impact of high cost drugs

  In early April, Canadian insurers announced a deal to collectively protect fully insured private drug plans from the full financial impact of high cost drugs.

• Federal budget 2012: Banks may not offer annuities

  As announced in December 2011, the federal government is going to propose legislative amendments to clarify the prohibition for banks from offer annuities or other products of a similar nature. This was confirmed by Minister of Finance Jim Flaherty when the federal budget was released on March 29.

• Barbados insured sue Manulife for share of demutualization

  Ten years of effort by policyholders residing in Barbados has culminated in a trial before the Ontario Superior Court in Toronto to seek approval for a class action suit against Manulife Financial. The 8048 plaintiffs want a share of the benefits the insurer awarded to its eligible policyholders during its […]

• Industry reacts to Financial Horizons’ acquisition of Excel

  The transaction set off a wave of surprise among many industry players in the Quebec market contacted by The Insurance and Investment Journal.

• Foresters withdraws its term 100 product

  Interest rates have made another victim: Foresters’ Term 100 insurance product (T100). The company is pulling its T100 from the shelf on May 1.

• Long-term products in turmoil

  Economists unanimously agree that long-term interest rates will stay low for the next two years. This bodes ill for insurance products with long-term guarantees. Prices are rising all over. Equitable Life raised the price of its level cost universal life insurance product Equation Generation IV & EquiLife Limited Pay on […]

• Regulation: MGAs must mobilize to be heard

  If they do not want to be considered an anomaly in today’s regulatory environment, managing general agents must work together and speak with one voice to express their concerns. That is the conclusion a number of managing general agents reached when they met at The Insurance and Investment Convention held […]

• Desjardins revamps Chorus portfolios

  When they changed from Chorus to Chorus II at the end of the year, the number of Desjardins’ investment portfolios for wealthy clients decreased from 18 to 6. “This major change is because we wanted to simplify our offering,” says Éric Landry, senior director of specialized savings products at Desjardins. […]