MLC

• A court judgement handed down last Friday has delivered what years of promises from Australia’s life insurance industry have not – insurance that pays out on what it says it will.
• I first raised the issue of outdated medical conditions within the insurance industry almost 15 years ago.

ASIC belatedly got tough

• The banking royal commission was critical of ASIC’s performance in this area, and in 2021 ASIC commenced action against the insurer MLC for denying payouts to customers because it had failed to promptly update its definition for the insurance benefit of severe rheumatoid arthritis.
• On May 18, Justice Moshinsky of the Federal Court found that MLC’s failure to promptly update the medical definition for severe rheumatoid arthritis had contravened the Corporations Act 2001.

Tight definitions quickly date

There are generally four types of life insurance in Australia. The most common is death (or more euphemistically, “life”) insurance, which pays a benefit when a policyholder dies. The others are
• More contentious are the definitions for total and permanent disability insurance and trauma insurance.
• The problem with tightly and strictly-worded definitions is they can get out of date very quickly, whereas the policies they are written into can stay in place for decades.

Loopholes in the industry’s code

• The new code due to come into effect in July 2023 continues to leave out existing customers, but adds a commitment that seems to offer new customers more.
• Read more:
  New life insurance code riddled with loopholes

  The extra requirements include (and all of them are needed) joint deformity, and bilateral and symmetrical joint soft tissue swelling or fluid.

• Friday’s judgement established that outdated medical definitions are a breach of the law regardless of the code, and have been for a long time.

• Increases MYGA Volumes Quarter-over-Quarter, Increases Insurance Net Investment Income Year-over-Year, Successfully Transitions to IFRS 17
  Declares Quarterly Distribution of C$0.02 Per Common Share in the Second Quarter of 2023, Marking the Fifteenth Consecutive Quarter of a Shareholder Distribution
  TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (NEO: MLC) (the “Company” or “Mount Logan”) announced today its financial results for the quarter ended March 31, 2023.
• The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts (“IFRS 17”) which became effective January 1, 2023.
• Concurrent with the Amendment, a wholly owned subsidiary of Mount Logan upsized its existing credit facility by $4.5 million.
• Total Capital as at March 31, 2023, our total capital was $78.0 million, an decrease of $30.0 million from December 31, 2022.

• MLC CAD Systems LLC, announced today a new partnership with Formlabs, the leading 3D printing company.
• This partnership expands upon existing manufacturing technology and expertise to provide access to new additive solutions, including SLA (stereolithography) and SLS (selective laser sintering).
• Formlabs has a proven history of delivering reliable 3D printers and industrial-grade materials that are easy to use and affordable.
• Additive manufacturing showrooms will initially be located in Dallas & Austin, TX, and Atlanta, GA.

• ADLINK Technology Inc., a global leader in edge computing, is showcasing its new series of MLC-M medical panel PCs at the HIMSS Global Health Conference in Chicago (Booth 6908).
• Particularly light and slim, yet extremely powerful, the MLC-M is ideal for mobile use on medical carts or at nursing stations.
• 11th generation Intel® Core™ processors provide the computing performance needed to effortlessly run high-resolution image processing software, as well as documentation applications such as HIS, RIS, and PDMS.
• In addition to demonstrating the new MLC-M medical panel PC, ADLINK will be focusing on surgical monitors for operating and procedure rooms; and a compact, GPU-enabled medical box PC.