CI maintains insurance policies that may provide coverage against certain claims. Amounts receivable under these policies  are not accrued for unless the realization of income is virtually certain. During the year ended December 31, 2011, CI  received insurance proceeds of $16,004 related to the settlement of legal claims for 2011 and prior years [2012 – nil]. At  December 31, 2012, CI has accrued $475 for amounts to be received under insurance policies [2011 - $40], which is included  in accounts receivable. CI is a defendant to two class action lawsuits related to events and transactions that gave rise to a settlement agreement  with the Ontario Securities Commission in 2004. Although CI continues to believe that this settlement fully compensated  investors affected by frequent trading activity, a provision has been made based on the probable resolution of these  claims and related expenses. CI is subject to various uncertainties concerning the interpretation and application of Canadian tax laws. If tax authorities  disagree with CI’s application of such tax laws, CI’s profitability and cash flows could be adversely affected. CI Investments  is considered a large case file by the Canada Revenue Agency, and as such, is subject to audit each year. There is a  significant lag between the end of a fiscal year and when such audits are completed. Therefore, at any given time, several  years may be open for audit and/or adjustment. Taxation  Litigation 67 [in thousands of Canadian dollars, except per share amounts] December 31, 2012 and 2011 Notes to Consolidated Financial Statements