$100,000 Non-Pecuniary Assessment for Central Neuropathic Pain With Poor Prognosis

Reasons for judgment were published today by the BC Supreme Court, Nanaimo Registry, assessing damages for central neuropathic pain caused by a vehicle collision.

In today’s case (Laliberte v. Jarma) the Plaintiff was involved in a 2015 vehicle collision.  She was a passenger in a vehicle driven by the Defendant that lost control “went through a fence and over a bump and landed in a field”.  Liability was admitted.

The collision caused various soft tissue injuries resulting in central neuropathic pain.  The prognosis was for symptoms to continue.  These were largely controlled with medication.  In assessing non-pecuniary damages at $100,000 Madam Justice Russell provided the following reasons:

[28]         The parties agree that the plaintiff suffered soft tissue injuries to her lower back, and was diagnosed with CNP. The parties also agree that the plaintiff’s prognosis for this injury is ongoing chronic pain. The plaintiff continues to suffer symptoms daily, although they are now at a tolerable level when the plaintiff is on medication.

[29]          The plaintiff described her pain at trial as “more of an irritation”. She testified that the medication she takes, Topiramate, reduces her pain by 80-90%. However, if she runs out of Topiramate, her serious symptoms immediately resume and she runs the risk of being bedridden with pain.

[30]         The plaintiff’s position is that she will require medication for her symptoms long term and possibly for the rest of her life, and that she faces the possibility of aggravating her injury by engaging in moderate or heavy physical activities regardless of how effective the medication may be.

[31]         The plaintiff’s evidence was that she had suffered some episodes of depression and anxiety as a teen, and had taken some medication for this but had discontinued use prior to the accident. After the accident, the plaintiff was referred to a counsellor by her family physician but did not attend any such counselling sessions or seek any other help concerning her psychological symptoms.

[32]         The plaintiff had no prior history of low back pain. She described suffering low back pain starting the day after the accident. I note that the plaintiff went into labour three days after the accident. Her mother had to help her into the shower and off the toilet, and she could not climb stairs without significant pain. Prior to the accident, the plaintiff enjoyed longboarding, drawing and art, and played basketball in high school. The plaintiff testified that her level of activity has increased since the date of the accident and she is now at a similar level than she was pre-accident, although she engages at a less intense level…

[48]         The plaintiff’s young age, the potentially lifelong duration of her injury and its impact on her physical ability, the severity of her pain before she went on medication, the emotional suffering caused by her aggravated depression, the impact her pain and depression had on her ability to raise and bond with her newborn son in the crucial months immediately following his birth (as well as the increased pain during the birth itself), and the strain her injuries put on her relationship with her parents, all stand in favour of a higher award.

[49]         I consider the loss of her ability to cradle her baby in her arms and to breastfeed without pain to be serious losses.

[50]         Should she wish to have more children, she faces a difficult choice:  to go off her medication for the duration of the pregnancy and suffer serious pain, or to deny herself the opportunity to bear more children. As a corollary of this issue, she must not allow herself to become pregnant again without carefully considering the consequences.

[51]         On the other hand, the plaintiff’s ongoing injury is not a disabling injury because its effects can be managed through the use of medication, the injury is limited to her lower back, and the injury has not caused a substantially material loss or impairment of her life or lifestyle as compared with her level of activity, recreational pursuits and social inclinations before the accident.

[52]         I also find that her injuries have not necessarily caused any marked impairment of her mental abilities  so long as she is on medication controlling her chronic pain, her academic performance does not stand to be affected. These factors favour a more limited award…

[56]         Having regard to the Stapley factors, and the relevant cases cited by the parties, I award the plaintiff $100,000 in non-pecuniary damages.

bc injury law, Central Neuropathic Pain, CNP, Laliberte v. Jarma, Madam Justice Russell

Brokers say it’s important to check before you get in the business

Read more

Can an insurance company do banking better? Manulife Financial Corp. is upping its game

PERSONAL FINANCE COLUMNIST

Two words you never thought you’d say in imagining a brighter future for chequing and savings accounts: Manulife Bank.

A non-factor for years, the banking division of insurance giant Manulife Financial Corp. is upping its game. On Monday, Manulife Bank introduced a package of services designed to claim a share of a market for daily banking that is crowded with big banks, alternative banks, credit unions and upstart financial technology companies.

Manulife’s strategy: Appeal to millennials and other digitally savvy people with a four-part bundle of banking services wrapped in an app for smartphones that helps with saving and budgeting. Manulife’s goal: Compete against the country’s banking heavyweights more than the alternative players. “We’re here to be the best alternative to the big banks,” said Rick Lunny, chief executive of Manulife Bank.

The All-in Banking Package from Manulife Bank is slick enough that it should be studied by other banks looking at how to adapt their accounts for the digital age. The question is whether there’s enough there to offset the so-so economics for customers who believe in paying the least in fees while getting the most interest.

The core of All-in is an unlimited transaction account (e-transfers included) that costs $10 a month, compared to $14 to $16 for similar big bank accounts and zero at an increasing number of alternative online banks. The All-in account goes down to zero in fees in a month where you add $100 or more to a savings account that comes as part of the package.

That savings account pays 1.2 per cent, a disappointment. Several alternative online banks that have savings accounts are paying 2.25 per cent or more to go with their no-fee chequing accounts. Examples: Alterna Bank, Motive Financial and Motusbank, which opened for business in April.

The third part of the All-in package is a no-fee cash-back credit card paying rewards of 2 per cent on groceries and 1 per cent on other expenses. This reward rate is not at all bad, although anyone wanting a no-fee cash-back card should check out the Rogers World Elite MasterCard.

The fourth part of the All-in package is travel interruption insurance offered by Manulife. Finally, as a sweetener, Manulife is offering people who sign up for All-in one year of Amazon Prime, which otherwise costs $79. Amazon Prime offers free delivery of Amazon orders plus access to TV shows and movies.

All-in is most interesting when you look at the way financial technology is deployed to help customers manage their money so they’re able to save more.

Mr. Lunny said the bank partnered with five fintech companies to develop features such as the one that lets you set how much money you want in your chequing account and then sweeps any excess into savings at the end of each day. Other functions show how close you are to saving enough each month to eliminate the $10 account fee and how close you are to your credit-card limit. There’s also what Manulife calls an intelligent virtual assistant, which can answer questions about banking and offer tips on budgeting, saving and such.

The most obvious big bank competition to All-in comes from the online banks Tangerine, owned by Bank of Nova Scotia, and Simplii Financial, owned by Canadian Imperial Bank of Commerce. Both offer no-fee chequing with unlimited transactions and savings accounts with rates of 1.2 per cent.

On fintech specifically, some of the most noteworthy competition to All-in comes from the budgeting apps at a pair of big banks, Toronto-Dominion Bank and Royal Bank of Canada.

Manulife designed All-in to work most effectively on smartphones and expects the bulk of its customers to access their account that way rather than desktop computers. It’s a sign of how much importance the bank is putting on young adult customers as opposed to an older, wealthier demographic targeted by the bank’s Advantage Account.

Mr. Lunny said the bank hopes to attract millennials with the All-in package, then sell them mortgages and investments as they get older and more established. “We feel millennials are our future,” he said.

For millennials, the All-in package scores well on mobile-friendly technology and convenience – four products in one. But having to save $100 a month to make the $10 account fee vanish? That’s old school, and not in a good way.

FSRA to oversee insurance, mortgage and deposit taking institutions in Ontario

WEALTH MANAGEMENT REPORTER

A new independent financial regulator is up and running in Ontario to oversee insurance, mortgage and deposit taking institutions.

The Financial Services Regulatory Authority of Ontario (FSRA) assumed regulatory duties on June 8, replacing both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corp. of Ontario (DICO).

The new regulator – led by financial services veteran Mark White – will oversee Ontario’s financial services providers, excluding securities, which are regulated by the Ontario Securities Commission.

In particular, the FSRA will regulate Ontario’s insurance sector, pension plans, loan and trust corporations, credit unions and caisses populaires, mortgage brokers and service providers that invoice auto insurers for statutory accident benefit claims.

Mr. White assumed the role of CEO of FSRA in May, 2018, and has spent the past year helping in the transition of FSCO and DICO. He brings almost 20 years experience in the regulatory, financial and legal sectors. Prior to joining FSRA, he was vice-president and head enterprise risk at Bank of Montreal. Mr. White also held the position of assistant superintendent and head of regulation sector at Canada’s bank and insurance regulator, the Office of the Superintendent of Financial Institutions (OSFI).

“Our mandate is quite broad but it centres around making sure there is financial safety, financial fairness and financial choice for people in Ontario,” Mr. White said in an interview.

Part of that transition means FSRA inherited 1,100 pieces of guidance from former regulators. Mr White said they will spend the next year looking at how they can pare back that number by either “eliminating, combining or refreshing” the regulations.

“We will look at how the regulation can work more effectively for the public, the industry and the regulator,” he adds.

Key priorities for the FSRA include, among others, the provincial government’s focus on reforming auto insurance to increasing access and affordability for drivers, and to establishing title protection for financial planners and financial advisers.

“Our government recognizes that making Ontario open for business means making sure financial services are efficient, responsive to consumers and businesses – FSRA will play a vital role in helping businesses grow while protecting consumers,” Finance Minister Vic Fedeli said in a statement.

Several main concerns posted on the regulator’s website on Monday afternoon address questions on whether the “age-old distinctions” between personal auto insurance and commercial insurance are still relevant; ensuring company pension assets held in trust are managed under fiduciary standards; and the concern around new products and services coming to market daily and how quickly should regulatory approval be given.

Mr. White said these are issues they plan to examine over the next year.

The Ministry of Finance will continue to administer FSCO’s Dispute Resolution Services until June 30, 2020. During the transitional period, all open cases will continue; however no new proceedings will commence.

As of July 1, 2020, any remaining cases will be extinguished, with parties able to start a new proceeding with the licence appeal tribunal.

Source: The Globe and Mail

Desjardins launches $45-million fintech fund

Desjardins Group is launching a $45-million fund to invest in financial technology startups as it seeks to build more direct relationships with a nascent sector that once looked poised to disrupt traditional banking.

The new fund will make investments ranging from a few hundred thousand dollars to as much as $3-million, taking stakes of 10 per cent to 25 per cent in early-stage “fintech” companies. It will be managed by Desjardins Capital, the financial co-operative’s venture capital arm, which has invested in more than 400 companies.

The fund builds on existing partnerships and investments Desjardins has made with more than 20 fintechs dating back several years. The burgeoning fintech sector was once seen as a threat to established institutions such as Desjardins but, faced with the high cost and difficulty of acquiring new customers, many fintechs have changed course and have begun collaborating with large financial companies to help them with the transition to digital banking and insurance services.

By creating this new fund, Desjardins is looking to take tighter control of its investments in financial technologies, and to sharpen its focus on products and services that can directly contribute to its strategy, from innovation in insurance and wealth management to strengthening cybersecurity.

Desjardins has already pumped $25-million into Luge Capital, a venture fund focused on fintech and artificial intelligence that launched last year with a total of $75-million from backers such as Caisse de dépôt et placement du Québec and Sun Life Financial. Desjardins will continue to back Luge, but now wants to make its own investment decisions as well. Whereas past investments have often been confined to startups in Quebec, the new fund will also seek out opportunities in the United States, Britain, Europe and Australia.

“With $45-million, we can do a lot,” said Guy Cormier, chief executive of Desjardins Group. “There’s a lot of noise, there’s a lot of buzz in the fintech industry, and we just have to be quite careful and quite clever about the kind of partnerships [we choose]. We really know what we want to do, what we want to accomplish, so we’re not trying to go everywhere. But with this fund now we have more capacity.”

The fund’s first investment falls outside the normal boundaries of fintech. Desjardins is putting $400,000 into X-TELIA Group Inc., a company that operates a wireless network tailored to home automation and connecting the so-called internet of things, to help expand its network across Canada. Desjardins sees applications to home and auto insurance, but is also a major lender to the agricultural sector, and X-TELIA connects smart sensors on farmers’ grain silos to make it easier to manage inventory.

“We want to add to our offer. It’s not any more enough for a financial institution to do the financing or to do the everyday banking,” said Martin Brunelle, vice-president of transformation and special projects at Desjardins. “What we want is to ease the lives of our members or our customers.”

Three other fintech companies are currently in the pipeline to receive investments from the new fund, Mr. Brunelle said. But they are at different stages of maturity and some could take years to bear fruit, if they flourish at all.

“The first goal is not return on investment for us. It’s really to build a relationship that is stronger, tighter with these fintechs, and will help us to build something that is great for our members and clients,” Mr. Cormier said. “The return on investment will be there maybe in a few years.”

Source: The Globe and Mail

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest