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ARTICLE · 28 APRIL 2025

2024 Year In Review In Insurance

McCarthy Tétrault
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As anticipated in our 2023 Year in Review, there were several developments in the regulation of the insurance sector in Canada in 2024.

CanadaInsurance
Hartley Lefton
Hartley Lefton
Daanish Pasricha
Daanish Pasricha
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As anticipated in our 2023 Year in Review, there were several developments in the regulation of the insurance sector in Canada in 2024. This article provides a recap of some of the substantial changes that were made to the regulation of insurers and insurance intermediaries in Canada in 2024 and will highlight issues that insurers and other industry participants should watch for in 2025.

Regulatory Changes

Federal Regulators

a. Department of Finance Consultation on Measures to Strengthen Canada's Financial Sector

On September 11, 2024, the Department of Finance Canada ("Finance Canada") ended its third phase of consultations of federally regulated financial institution ("FRFI") statutes, as part of the comprehensive financial sector legislative review announced in Budget 2022. This most recent consultation (the "Consultation") presented proposals and sought views and written submissions in key areas including supporting a competitive market structure,

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