FSCO posts Regulatory Compliant Resolution with LISC

We recently reported on the settlement of our regulatory issues with FSCO and LISC is now servicing all existing contracts and working on phase two of the settlement involving our long term plan.

FSCO has now confirmed the settlement on their website and a link to the full Minutes of Settlement reviewed here: http://www.fsco.gov.on.ca/en/about/enforcement/cdo/Documents/cdo-2016-09-23.pdf

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LISC September 23 Regulatory Update

We are pleased to announce that LISC has reached an agreement with FSCO and FICOM to resume operations, effective immediately. The interim solution enables all LISC Legal Cost Protection contracts to be fully administered on original terms, including the payment of claims. Our primary concern has always been to protect the interests of the tens of thousands of LISC clients and we have worked tirelessly over the past several weeks to achieve this goal.

LISC has consistently maintained that its legal cost protection products are not insurance. However, to avoid a protracted dispute we have worked closely with FSCO and FICOM to create a long term solution that addresses their concerns. Accordingly, LISC has signed Letters of Intent with both a licensed Canadian insurer and an insurance brokerage. This partnership will allow us to offer our products across Canada with regulatory approval. We expect to have this arrangement finalized within the next 90 days or so.

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New Decision Addressing Issue of Privilege

Since our launch in 2013, BridgePoint Indemnity Company (Canada) Inc. (“LISC”) has been routinely asked if our indemnity agreements are privileged and if a defendant can demand disclosure of the cost protection we offer.

In prior blogs, LISC noted that our indemnity agreements are subject to privilege and should not be disclosed (please see our December 31, 2015 blog on the topic). Some recent decisions on point confirm this.

In Hayes v. The City of Saint John (“Hayes“) the Court reaffirmed that an indemnity agreement was subject to “litigation privilege” as the agreement was an integral part of the plaintiff’s litigation strategy.  The Judge noted…

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LISC® helps litigation guardian in $3.5M trial award

LISC® was able to provide legal cost protection for a litigation guardian in Ontario, allowing their counsel, Graves & Richard Professional Corporation, the opportunity to achieve a significant trial victory on behalf of a catastrophically injured claimant.

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The Pros and Cons of Legal Cost Protection Webinar presented by Amanda Bafaro, Chief Risk Officer at LISC

What is legal cost protection? How can it help you? Do you need it? Are you looking for a way to level the playing field with the insurance companies and are you tired of them pushing your clients around? This one hour webcast is essential for all personal injury lawyers.

Live webinar hosted by ezCPD.ca
Wednesday, May 25 at 12:30pm

course info

sign up today

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Court Precedent Confirms Indemnity Agreements are Privileged

On April 11, 2016, the New Brunswick Court of Queen’s Bench set a precedent when it held that a third party financing and indemnity agreement was protected by litigation privilege. This decision was part of a motion to approve the FIA in the putative class action, Hayes v. The City of Saint John (“Hayes”). Koskie Minsky LLP and McKiggan Hebert act as counsel for the plaintiff in Hayes.

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LISC legal cost protection helps secure $800,000 for injured man

An Ontario court has awarded $800,000 in damages — 25 times more than the defendant initially offered — to a 45-year-old injured man after his lawyer obtained LISC legal cost protection and levelled the playing field between the plaintiff and the defendant’s insurance company, says BridgePoint Indemnity Company chairman and CEO John Rossos.

“This case gives an excellent example of how a lawyer artfully used legal cost protection, or what is otherwise considered ‘new technology’ in a way that created a massive shift in the fortunes of his client,” he tells AdvocateDaily.com.

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LISC Risk Management Successfully Launches New Legal Expense Insurance Product

TORONTO, March 8, 2017 /CNW/ – LISC Risk Management Inc., formerly BridgePoint Indemnity Company Inc. (“LISC”), is pleased to announce that LISC Legal Cost Protection™, a new legal expense insurance product underwritten by Omega General Insurance Company, is available for personal injury litigation. LISC Legal Cost Protection™ has been fully approved by Canadian federal and provincial financial regulators and is now available to new clients across the country.

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Standard of care evolving to include ATE indemnity advice

For personal injury lawyers launching a lawsuit, the standard of care is evolving to include advising clients of the availability of legal cost protection, or as European insurers operating in this market refer to it, ‘after-the-event’ (ATE) insurance, BridgePoint Indemnity Company chairman and CEO John Rossos tells Law Times.

As the article notes, Ontario courts are currently considering the treatment of ATE legal cost indemnities and insurance, which allow litigants to protect themselves from the risk of a cost order and can also be provided as a blanket guarantee for a law firm that needs protection for its disbursements.

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