header-logo header-logo

A winning slice of Canadian PII

30 July 2010 / Phillip Oldcorn
Issue: 7428 / Categories: Features , Profession , Insurance / reinsurance
printer mail-detail
profession_canada_4

Phillip Oldcorn looks west for PII inspiration

Earlier this month, Canadian Gordon Nixon, CEO of Royal Bank of Canada, addressed the British Bankers Association annual conference and talked through the reasons why Canadian banks have weathered the worldwide financial crisis relatively unscathed. He summarised why and how Canada had got it right during the boom years. Simple concepts are the key; sound macro economic policy, well capitalised, well-managed banks, geographic and portfolio risk spreading, strong, common sense regulation; and most importantly the structure of the Canadian housing and mortgage markets, which feature strong risk management strategies.

Canadian practices and the regulation of solicitors mirror the English system in most respects. Solicitors have always controlled conveyancing, complying with a set of professional conduct rules that would be instantly recognisable in this country.

Disproportionate losses

In 1995, the profession in Ontario, governed by the Law Society of Upper Canada (LSUC), faced similar problems with its professional indemnity insurance (PII) market to those we’re currently facing in England & Wales. Canadian

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
The Court of Protection has ruled in Macpherson v Sunderland City Council that capacity must be presumed unless clearly rebutted. In this week's NLJ, Sam Karim KC and Sophie Hurst of Kings Chambers dissect the judgment and set out practical guidance for advisers faced with issues relating to retrospective capacity and/or assessments without an examination
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
back-to-top-scroll