News & Analysis as of

Insurance Regulations Canada

Blake, Cassels & Graydon LLP

Bill 92: Quebec Takes Another Step in Modernizing its Financial Sector Framework

With Bill 92 now adopted and enacted, this bulletin is updated to reflect the actual provisions of the Act. Bill 92, An Act to amend various provisions mainly with respect to the financial sector (2025, chapter 16)...more

Blake, Cassels & Graydon LLP

Bill 92: Quebec Takes Another Step Towards Modernizing Its Financial Sector Framework

On April 8, 2025, Quebec’s Minister of Finance, Eric Girard (Minister), tabled Bill 92, An Act to amend various provisions mainly with respect to the financial sector (Bill 92), before the province’s National Assembly....more

Blake, Cassels & Graydon LLP

Projet de loi n° 92 : Le Québec franchit une étape de plus dans la modernisation de l’encadrement de son secteur financier

Le 8 avril 2025, le ministre des Finances du Québec, Eric Girard, a déposé à l’Assemblée nationale le projet de loi n° 92, Loi modifiant diverses dispositions principalement dans le secteur financier (le « projet de loi »). ...more

Stikeman Elliott LLP

FSRA Proposes New Regulatory Framework for Life and Health Managing General Agents in Ontario

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On January 28, 2025, the Financial Services Regulatory Authority of Ontario (“FSRA”) published Proposed Rule 2025-001 (the “Proposed Rule”), which builds on recent amendments to the Insurance Act (the “Act”). Those amendments...more

Stikeman Elliott LLP

FSRA Releases Review of Managing General Agents in Ontario’s P&C Insurance Marketplace

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On December 10, 2024, Ontario’s Financial Services Regulatory Authority (“FSRA”) released its review of the role of Managing General Agents (“MGAs”) in Ontario’s property and casualty (“P&C”) insurance market (the “Review”)....more

Stikeman Elliott LLP

Alberta Expands Captive Insurers’ Ability to Reinsure Certain Third-Party Risks

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On December 12, 2024, the Alberta Superintendent of Insurance (the “Superintendent”) issued Interpretation Bulletin 08-2024 (the “Bulletin”) extending the ability of captive insurers to reinsure certain third-party risks. As...more

Stikeman Elliott LLP

Alberta Insurance Regulator Considers When Automobile Extended Warranty, Dealer Loyalty and Similar Products are Insurance in...

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On October 10, 2024, the Alberta Superintendent of Insurance issued Interpretation Bulletin 05-2024 (“Bulletin”) on the insurance regulatory treatment of motor vehicle warranty contracts, dealership loyalty programs and...more

Stikeman Elliott LLP

Who Should Pay? Ontario Court of Appeal Provides Needed Guidance on Allocation of Defence Costs Among Insurers for Class Actions...

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In Loblaw Companies Limited v. Royal & Sun Alliance Insurance Company of Canada, 2024 ONCA 145, the Ontario Court of Appeal, among other things, overturned the lower court’s finding that insureds were entitled to seek 100% of...more

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British Columbia Conducts Consultation on Restricted Licence Regime for Incidental Sellers of Insurance

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British Columbia’s Ministry of Finance is conducting a consultation on the adoption of its proposed restricted insurance agent licensing regime for incidental sellers of insurance. The proposal is similar to what is already...more

Stikeman Elliott LLP

Alberta Initiatives Supporting Local Reinsurance and Captive Insurance Fully In Force By July 1, 2022

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The Government of Alberta’s initiatives in support of reinsurance and captive insurance in the province, discussed in our post of April 20, 2022, will soon be fully in force. Already in force, as of May 31, 2022, are...more

Stikeman Elliott LLP

FSRA Releases Draft Guidance on Incorporating CISRO’s Principles of Conduct for Insurance Intermediaries Into Its Regulatory...

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On April 6, 2022, the Canadian Insurance Services Regulatory Organization (“CISRO”) adopted the Principles of Conduct for Insurance Intermediaries (“Principles”). In conjunction with that announcement, the Financial Services...more

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Alberta Introduces Insurance Law Amendments to Foster Local Reinsurers and Advance Captive Insurance Company Initiative

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Yesterday afternoon, the Alberta government introduced amendments to the Insurance Act (Alberta) and the Captive Insurance Companies Act (Alberta) as the next step in its initiative to provide additional Alberta-based...more

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CCIR and CISRO Release Proposed Incentives Management Guidance

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On February 17, 2022, the Canadian Council of Insurance Regulators (“CCIR”) and the Canadian Insurance Services Regulatory Organizations (“CISRO”) released proposed guidance (“Draft Guidance”) on compensation and incentive...more

Stikeman Elliott LLP

OSFI Releases Final Updated Reinsurance Guidance To Take Effect in 2025

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On February 11, 2022, Canada’s federal prudential insurance regulator, the Office of the Superintendent of Financial Institutions (“OSFI”) released long-awaited final versions of its key reinsurance guidance, Guideline B-3:...more

McDermott Will & Schulte

Insurance Regulators Pick Up the Pace on Climate Change

At the beginning of the year, we published a short report on the surge in year-end insurance regulatory activity concerning climate change risks (available here). January was another busy month, and we report below on...more

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