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ARTICLE · 30 OCTOBER 2026

Insurtechs: Canada's Draft Regulations Could Make Insurers Bigger Investors And Partners

Gowling WLG
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Canada's Department of Finance has released draft regulations that could transform how federally regulated insurers invest in and partner with insurtechs. The proposed framework would allow insurers to acquire control of businesses deriving at least 60% of revenue from financial services activities, potentially opening new capital and partnership opportunities for technology-focused insurance companies.

CanadaInsurance
Alana Scotchmer
Alana Scotchmer
Melissa Prado
Melissa Prado
Natalia Castro
Natalia Castro
Parna Sabet-Stephenson
Parna Sabet-Stephenson
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On October 17, 2026, the Department of Finance released draft regulations specific to insurance companies, fraternal benefit societies and insurance holding companies relating to their non-financial activities, which are relevant to insurtechs.

The government introduced changes to the Insurance Companies Act in 2018 that would expand the technology activities insurers can carry on and the businesses they can invest in. Once finalized, the draft regulations will finally provide the framework that the government needs to bring the legislative changes into force.

For insurtechs, this could mean more capital and more partnership opportunities from Canadian insurers. Comments on the draft regulations are due by November 16, 2026.

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