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ARTICLE · 08 JULY 2021

Quebec Easing Rules On Directors And Officers Liability Insurance For Public Companies

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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Recent changes to the Civil Code of Québec (CCQ) may bring some insurance relief to public companies who are struggling with rising premiums to insure their directors and officers in Quebec.

CanadaInsurance
Matthew Liben
Matthew Liben
Simon Seida
Simon Seida
Philippe Dubois
Philippe Dubois
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Recent changes to the Civil Code of Québec (CCQ) may bring some insurance relief to public companies who are struggling with rising premiums to insure their directors and officers in Quebec. These public companies have been disadvantaged relative to companies located in other Canadian provinces. Amendments which were made to article 2503 by the Quebec National Assembly on May 27, 2021, will help determine whether certain categories of insurance contracts and insured companies are exempt from rules set out in articles 2500 and 2503 of the CCQ. These rules concern the exclusive allocation of insurance proceeds as part of the payment to injured third persons, as well as insurers' obligation to assume the defence of persons entitled to the insurance benefit.

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