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ARTICLE · 26 AUGUST 2020

Gifts Of Life Insurance

Miller Thomson
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Gifts of life insurance have long been one of the recognized ways in which donors can make gifts to charities.

CanadaFinance and Banking
Susan Manwaring
Susan Manwaring
Sarah Fitzpatrick
Sarah Fitzpatrick
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Gifts of life insurance have long been one of the recognized ways in which donors can make gifts to charities. Recent communications from the BC Financial Services Authority ("BCFSA") brought into question the validity of these types of gifts. Much to the sector's surprise, the BCFSA appeared to take the position that donations of insurance policies constituted trading or trafficking in policies by charities and was offside the anti-trafficking provisions of the BC Insurance Act. In response to concerns raised by the sector, the BCFSA released an information bulletin, INS-20-003, Charitable Donation of Life Insurance Policies in British Columbia (the "Bulletin"), setting out its position on donations of life insurance policies.

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