Volume 54, numéro 2, 1986

EN :

Trade by barter has gained considerable importance in international trade. It especially avoids movements of funds which, if significant, can have a devastating effect on both supplier and buyer, particularly when a Third World Country is the buyer. The supplier wants to sell, but the buyer cannot pay cash, even on a long-term basis. Barter, which the author also refers to as counter trade, offers an interesting solution to the problem, as discussed in this article by Mr. Léon Courville, Senior Vice President, Economic and International Affairs at the National Bank of Canada.

FR :

Si le portefeuille financier a une importance très grande pour l’assurance, sa portée véritable sur la réassurance est encore plus grande, puisque celle-ci reçoit le choc des sinistres les plus élevés et les plus violents. C’est à démontrer cette influence que s’emploie l’auteur de cet article, tout en exposant une formule différente de réassurance, M. William MacLachlan, qui dirige la succursale de Boston d’Intermediaries of America - société qui fait partie du groupe Sodarcan. Comme on le constatera, l’opération, dans l’ensemble, est complexe, mais elle apporte des détails qui nous apparaissent fort intéressants pour l’initié.

EN :

Our contributor, actuary Jacques Bolduc, examines certain problems presented by mortality tables and their contingent factors. He ends his article by stating that several life insurance companies establish their tarifs with an improvement in mortality rates in view; however, most companies use present mortality rates, ignoring all possibility of future improvement or deterioration. Until the end of the 1960's, a large part of the classic product of life insurance companies was devoted to savings and the premium charged to the client included an element which covered this savings. This increased the premium charged to clients, of which only a portion covered the cost of mortality. With inflation, the increase in interest rates and changes in the tax laws, trust companies and banks took a large part of the savings of individuals and insurance companies had to change their approach. The traditional life insurance product gave way to an insurance policy which, as a rule, contained little or no savings with the result that the part of the premium related to the cost of mortality took on greater importance.

FR :

Dans l’ensemble au Canada, les tribunaux sont réticents à accorder ce que l’on appelle des punitive damages, c’est-à-dire une indemnité reconnaissant l’aspect malicieux de dommages causés aux tiers. Comme question de fait, dans la province de Québec, les cas sont rares, dans le cours ordinaire des choses. S’ils sont plus fréquents dans la province d’Ontario, l’auteur de l’article souligne bien le caractère punitif que l’on veut donner à une indemnisation de ce genre. Et c’est par là que son article est intéressant. L’article de Me Lerner est suivi d’une note de Me Rémi Moreau, qui traite des dommages à titre punitif comme on les conçoit dans la province de Québec.

FR :

Cette chronique n’a aucune prétention particulière. Elle s’efforce d’écarter ce qui semble fautif mais son auteur est bien prêt à admettre que l’usage est souvent plus fort que la logique et qu’une langue doit évoluer. Il n’est pas prêt, cependant, à admettre qu’un agent de police lui demande « de loger une complainte », après avoir constaté que les cyclistes violent les règlements, aussi bien sur les trottoirs que dans le parc de Westmount.

EN :

In the following text, the author discusses the situation currently prevailing in the insurance industry by first exposing its weaknesses and then giving the key elements of the solution: computerization, in depth study of risks and rates required. In sum, the author presents the logical structure of an industry requiring timely solutions and not merely the intervention of interested parties (insurers, intermediaries and insureds) at the time of serious crisis.

EN :

To mark the 75th anniversary of l'École des Hautes Études Commerciales of Montreal, the Celebrations Committee organized, among others, an exposition of currencies used in Canada since its early days. Having received authorization from the author, the HEC and the Celebrations Committee, we are publishing numerous extracts from the special issue of HECHANGES, devoted to the various currencies first used by American Indians, then the early settlers of the French colony. These include commodity money, coins, paper money, notes (under the British Regime), tokens and, lastly, today's currency. Although we could not reproduce the currencies featured in the exposition, we did obtain the authorization to present the texts describing each currency. We express our thanks to the HEC and to the author, Mrs. Nicole Lemay, to whom we are grateful for allowing us to publish her study.

EN :

Following our last publication of April 1986, the author briefly comments on certain lawsuits published in Jurisprudence-Express in 1985. This summary, intented for the broker or layman, does not aim to give full details of the lawsuits examined; rather it focuses on the main facts and the sentence rendered. This article may prove useful in helping readers understand the sentence and its ramifications.