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B.C.'s provincial auto insurer to pay back $39 million in overcharged fees

VANCOUVER - The Insurance Corporation of British Columbia says that it will be informing customers within the next 90 days whether they have been billed the wrong amount due to database errors. The Crown corporation says that over the last six years, approximately 240,000 optional insurance customers were overcharged and it will reinburse them. ICBC says the average overpayment was $21 each year per customer and estimates that it will be paying back $36 million plus an additional $3 million in interest.

B.C.'s provincial auto insurer to pay back $39 million in overcharged fees

VANCOUVER - The Insurance Corporation of British Columbia was scrambling Sunday to explain why thousands of its customers were wrongly billed, a mistake that is expected to cost the Crown corporation $110 million to fix. ICBC will reimburse with interest the approximately 240,000 optional insurance customers who have been overcharged by mid-July, says Mark Blucher the Crown corporation's CEO. The average overpayment was $21 each year per customer and ICBC estimates that it will be paying back $36 million plus an additional $3 million in interest.

New law bans payouts for golf cart, race car or toy car accidents in Manitoba

WINNIPEG - Manitoba is set to close a loophole that forced the province's publicly owned insurance company to pay out for single-vehicle accidents involving golf carts and race cars. The governing NDP is introducing legislation Thursday that, among other things, will spell out Manitoba Public Insurance will not be held liable for accidents involving golf carts, race cars on a closed track, Segways or a battery-operated children's vehicles. Kathy Kalinowski, a lawyer for MPI, said the changes stem from a court battle a few years ago when a man injured himself on a golf cart.

New law bans payouts for golf cart, race car or toy car accidents in Manitoba

WINNIPEG - Manitoba is set to close an insurance loophole that forced its public insurer to pay out for accidents involving golf cart and race cars. The governing NDP is introducing legislation Thursday that, among other things, will spell out Manitoba Public Insurance will not be held liable for accidents involving golf carts, race cars on a closed track or a battery-operated children's vehicles. Kathy Kalinowski, with MPI, says the changes stem from a court battle a few years ago where the insurer was forced to pay out when a man injured himself on a golf cart.

New Brunswick's justice minister contradicts insurance advocate on closure

FREDERICTON - New Brunswick's justice minister says there's been no decision to eliminate the province's consumer advocate for insurance at the end of the year, contrary to what the legislative officer says. But Troy Lifford won't guarantee the position will exist as of Dec. 31, saying the government is looking at a number of options to ensure that the public has a voice speaking on its behalf on insurance issues.

New Brunswick insurance watchdog says his office will close at end of year

FREDERICTON - New Brunswick's insurance watchdog says the provincial government is closing his office at the end of this year. Ronald Godin, the consumer advocate for insurance, said Tuesday the Speaker's Office has told him his office will be eliminated on Dec. 31. Godin said while he knew his 10-year term was coming to an end, he was surprised that the consumer advocate for insurance will be shut down altogether.

Young, fabulous and rich? Most health insurers still won't take you outside enrolment windows

WASHINGTON - Here's more fallout from the health care law: Until now, customers could walk into an insurance office or go online to buy standard health care coverage any time of year. Not anymore. Many people who didn't sign up during the government's open enrolment period that ended Monday will soon find it difficult or impossible to get insured this year, even if they go directly to a private company and money is no object. For some it's already too late.

Regulator to restrict retirement payments to financial executives

SEOUL, April 3 (Yonhap) -- Financial authorities said Thursday they will intervene to prevent top financial company executives from walking away with retirement payments way out of proportion, a measure that follows public outrage against astronomical wages and compensation packages that went to corporate leaders last year. Records showed that Park Jong-won, former president of Korean Reinsurance Co., received 15.9 billion won (US$15 million) in retirement benefits, which is 245.5 times an average annual salary of company employee.

Rural residents confront higher health care costs compared to those who live in urban areas

DENVER - Bill Fales wanted a new baler and a better irrigation system for the 700-acre ranch where he raises grass-fed beef cattle, but he scrapped those plans when he saw his new health insurance premiums. His Cold Mountain Ranch is in western Colorado's Rocky Mountains, a rural area where outpatient services are twice as expensive as the state average. Fales recently saw his monthly premiums jump 50 per cent, to about $1,800 a month.

Lloyd's of London says it is too early speculate on cost of Malaysian airlines disaster

LONDON - Lloyd's of London, the world's oldest insurance market, says it has already begun to pay out claims for the loss of Malaysian Airlines Flight 370, even as searchers continue to scour the Indian Ocean for wreckage. It's still far too early to speculate about the cost of the disaster, which will depend in part on what happened to the plane, said Lloyd's Chairman John Nelson. By way of example, he said it took two to three years to sort out what led to the crash of an Air France plane in 2009.
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