The Insurance Group at Stikeman Elliott notes the following recent developments on some of the legislative changes, court cases, and regulatory initiatives expected to have a significant impact on the Canadian insurance industry over the next year.
1.
Insurance Companies Act (Canada) Part XIII Amendments- WEB LINKS:
- The letter is available at this link.
- In September, OSFI also issued an Advisory on the insurance in Canada of risks.
- This was followed shortly thereafter by a Ruling on the same topic in respect of certain types of insurance.
2.
Quebec Regulations- On the same date, the "Regulation Respecting Titles Similar to the Title of Financial Planner" also came into force
- WEB LINK: both regulations are available on the AMF's website.
3.
New AMF Guideline on Transferring a P&C Portfolio Between Brokers4.
British Columbia Launches Consultation on its Insurance Legislation- WEB LINK: the consultation paper is available at this link.
5.
Alberta's Insurance Amendment Act, 2007- A bill is to be tabled in the Spring 2008 session of the legislature; changes expected to be implemented 6-12 months after bill is passed
6.
Amendments to Manitoba's Insurance Act- Subsequently, the bill was reintroduced as Bill 7, The Insurance Amendment Act and went to first reading on October 9 and second reading on October 18
- WEBLINK: the full text of the bill is available at this link.
7.
OSFI Guideline E-17 - Assessments of Responsible Persons by FREs- WEB LINK: the draft guideline is available on OSFI's website.
8.
AML/ATF Regulations- WEB LINK: the full text of the amended regulations is available at this link.
9.
Supreme Court of Canada's Causation Rulings- WEB LINKS: the full text of the decisions are available on-line as follows:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
