When Economical Mutual Insurance Co. decided to go through the exhaustive process of becoming a public company, it set up a communications program for its…
630,000 Canadians are getting quite a surprise this month. Cheques worth thousands of dollars are showing up in mailboxes just in time for the holidays, and it s the real deal.
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After nearly a decade of planning, Economical Mutual Insurance Co. is on track to announce a $1.9-billion initial public offering in late 2021.
Economical announced this week that it will hold a meeting of its 630,000 eligible policyholders in the second quarter of 2021 to vote on the final phase of a proposal to go public in a process known as demutualization.
A mutual insurance company is owned by its participating policyholders, whose stake is typically converted into share ownership when the company demutualizes.
In
Tomec v Economical Mutual Insurance
Company, 2019 ONCA 882, the Ontario Court of Appeal
allowed an insured s appeal from an application for judicial
review of a decision of the Licence and Appeal Tribunal to deny
enhanced housekeeping and attendant care benefits. The
unanimous panel concluded that the rule of discoverability applied
to s. 281.1(1) of the Insurance Act and to s. 51(1) of the old
Statutory Accident Benefits Schedule such that the two-year
limitation period to dispute benefits could not run before an
insured was determined to be catastrophically impaired (CAT).
Tomec is now a leading case on limitation periods at
the Tribunal. It is the first to say that the two year