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Last update: Sept. 28, 2017

2017 Releases

  • 2018 Insurance Program (Sept. 28, 2017)
    Convocation of the Law Society of Upper Canada approves LAWPRO's 2018 insurance program for the Ontario Bar. Data analysis leads to refinements in risk-rating.


2016 Releases

  • 2017 Insurance Program (Sept. 22, 2016)
    Convocation of the Law Society of Upper Canada approves LAWPRO's 2017 insurance program for the Ontario Bar. Base premium decreased to $2,950 plus strategies to promote access to justice.

  • LAWPRO receives “A” rating from A.M. Best Co. (Aug. 16, 2016)
    A.M. Best Co. awarded Lawyers’ Professional Indemnity Company a financial strength rating of “A” and an issuer credit rating of “a” for the sixteenth consecutive time.

  • Kathleen A. Waters to receive OBA Award of Excellence in Real Estate (May 24, 2016)
    On June 22nd, the Ontario Bar Association will present LAWPRO President and CEO Kathleen A. Waters with the Award of Excellence in Real Estate.



2015 Releases



2014 Releases

  • LAWPRO base premium stable for fifth consecutive year (Sept. 24, 2014)
    Strong financial results and a moderating claims count have allowed LAWPRO to hold the base premium for the mandatory insurance program at $3,350 for the fifth consecutive year. 2015 marks 20 years of LAWPRO operating primary insurance program.

    For more details of the 2015 insurance program, see our Report to Convocation.

  • LAWPRO receives "A" rating from A.M. Best Co. (June 2, 2014)
    A.M. Best Co. has awarded Lawyers’ Professional Indemnity Company (LAWPRO) a financial strength rating of A (Excellent) and an issuer credit rating of "a" for the fourteenth consecutive time. In addition, A.M. Best Co. gave LAWPRO a "stable" outlook for the third year in a row.



Media Release archive


Media contacts:
Naomi Dummett
Director of Communications
Tel: 416-596-4652
Toll-free: 1-800-410-1013
E-mail:



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Media release
For immediate release

LAWPRO®, BMO Bank of Montreal launch real time funds transfers for e-regTM

PDF file for download (Size: 23K)

For more information, a detailed Q&A and to access copies of forms required, please Click here.

September 26, 2002, Toronto ON: Real estate practitioners now have the option of being able to complete another aspect of their transactions - the transfer of closing funds -- electronically, from their computer desktops.

LAWPRO and BMO Bank of Montreal have announced a real time funds transfer system that lets a purchaser's lawyer deliver closing funds for an electronic registration (e-reg) transaction to the vendor's law firm electronically, real time, real value. The system, now available to lawyers across Ontario, was specifically designed to complement and streamline real estate transactions in the e-reg environment. It uses BMO's Directline®** product as its technology platform.

Directline® reduces the need for lawyers to physically meet each other or send closing funds by courier in escrow. Instead, the new technology solution - which is completely optional for lawyers working in the e-reg environment - ensures immediate, real value settlement of funds in real estate transactions. Using this PC-based system, lawyers can retrieve account information and perform financial transactions, including the transfer of funds from one BMO Bank of Montreal Trust Account to that of another lawyer also set up on the system, from their desktops, in real time.

An added advantage is that funds transferred through this program will be considered "cleared" funds in the selling lawyer's trust account as soon as a transfer is received, adding an important measure of security for vendor lawyers concerned about having to determine the type of funds provided by purchasers' lawyers in a transaction.

To access the system, which is available on an extended hours basis, six days a week, lawyers need only a user identification and password. Participating law firms must have trust accounts with BMO Bank of Montreal, and must have submitted required legal agreements to the bank before they can use Directline® real time transfers for their transactions. Copies of the forms are available here.

"As e-reg expands across Ontario, and lawyers undertake conveyancing that is more distant from where they practise, the ability to undertake remote, real time electronic transfer of closing proceeds becomes more critical," says LAWPRO Vice-President Kathleen Waters, who represented LAWPRO on the project. "This system is a much-needed companion to e-reg that further frees up the lawyer to focus on providing advice and service to clients rather than have to wait in line at the registry office."

Lawyers' Professional Indemnity Company (LAWPRO) currently provides a diverse range of insurance-related programs, services, and resources, including title insurance, to support the legal community in several jurisdictions across Canada.

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For information contact:

Kathleen Waters
Vice-President, TitlePLUS
[email protected]
(416) 598-5879
Dagmar Kanzler
Director of Communications
[email protected]
(416) 598-5844

® LAWPRO and TitlePLUS are registered trademarks of Lawyers' Professional Indemnity Company.
®** Directline is a registered trademark of BMO Bank of Montreal.
TM LAWPRO design is a trademark of Lawyers' Professional Indemnity Company.
TM* e-reg is a trademark of Teranet Inc.

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On or about October 2, 2017
LAWPRO online filing of Professional Liability Insurance renewal applications for 2018 is expected to begin. If you wish to file a paper application instead of filing online, please note that paper renewal applications will not be automatically mailed out, but it is expected that you will be able to download a 2018 pre-populated paper renewal application from our website starting on or about October 2, 2017.

October 31, 2017
Real estate and civil litigation transaction levies and forms are due for the quarter ended September 30, 2017.


 

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