Category: Insurance

OSFI Issues Updated Securitization Framework for Insurers

October 1, 2018

The Office of the Superintendent of Financial Institutions (OSFI) recently published Draft Guideline B-5: Asset Securitization (Draft Guideline), which sets out an updated regulatory framework for the securitization activities of federally regulated insurers, including foreign insurer branches and mortgage insurers (Insurers). The Draft Guideline will replace the existing OSFI Guideline B-5 published in November 2004, and the related OSFI Advisory:…

The Good, the Bad and the Ugly: Revised Regulations to PCMLTFA

June 12, 2018

The wait is over. On June 9, 2018, the Department of Finance (Department) released the long-awaited amendments to the regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (Revised Regulations). Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. In addition, the life insurance sector is to become subject to…

Alberta Court Releases Precedent-Setting Decision on Insurers’ Right and Duty to Defend

March 13, 2018

In its recent decision in Temple Insurance Company v. Sazwan, the Court of Queen’s Bench of Alberta (Court) considered the scope of, and exceptions to, an insurer’s right and duty to defend. This is the first decision in Alberta to conclude that, in an appropriate case, an insurer may have to surrender its right and duty to defend to its…

Canadian Mergers and Acquisitions: FAQs and 2018 Trends

February 16, 2018

Our Canadian Mergers and Acquisitions: FAQs and 2018 Trends answers frequentlyasked questions regarding the regulation of public M&A in Canada and provides anoutlook for what 2018 may hold based on significant developments we observedfrom the Canadian deal environment in 2017.

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

October 10, 2017

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec’s financial sector and strengthen…

2017 Federal Budget – Selected Tax Measures

March 23, 2017

On March 22, 2017 the Minister of Finance introduced Canada’s 2017 Federal Budget (2017 Budget). Despite persistent rumours, no change was proposed to the capital gains inclusion rate. The 2017 Budget does include a mix of targeted anti-avoidance rules, legislative responses to recent jurisprudence, and other narrow changes to address perceived problems in the existing provisions of the Income Tax…

“All-Risks” Insurance Policies Don’t Cover All the Risks

July 6, 2015

  In a recent decision, Ledcor Construction Limited v. Northbridge Indemnity Insurance Company (Ledcor), the Alberta Court of Appeal (Court) gave guidance on the scope of defects exclusions in “all-risks” construction insurance policies. The Court established guidelines for determining whether damage during the course of construction is part of the cost of making good poor workmanship and therefore excluded from…

Sale of Online Insurance Products: AMF Releases Recommendations

April 13, 2015

  On April 2, 2015, the Autorité des marchés financiers (AMF), the regulatory body responsible for enforcing the legislative framework applicable to the financial sector in Quebec, released a report entitled Internet Insurance Offerings in Québec: Presentation of Consultation Findings and Orientations (Report).   This Report follows a consultation held by the AMF in 2012 through which it sought comments…