Insurance

Is Your Arbitration Clause Appealing? No Appeal Available where Clause Says Dispute is “Finally Settled” by Arbitration

The Ontario Court of Appeal considers the type of language in a dispute resolution clause which precludes the right to appeal an arbitration award.

May 25, 2023

AI in Financial Services: Joint OSFI and GRI Report Highlights Need for Safeguards and Risk Management as a Prelude to Enhanced OSFI Guidance

This bulletin discusses the joint report released by OSFI and GRI on the ethical, legal, and financial implications of AI on financial services institutions.

Apr 19, 2023

Federal Government Announces Funding for a Low-Cost National Flood Insurance Program

A review of the recent announcements from Budget 2023 regarding a national flood insurance program.

Apr 10, 2023

Fanning the Flames of Liability: The Ontario Court of Appeal Considers Product Liability Issues in Burr v. Tecumseh Products of Canada Limited

The decision of the Court of Appeal in Burr v. Tecumseh Products of Canada Limited, 2023 ONCA 135 provides a helpful overview of product liability law.

Mar 20, 2023

Winter Walkers, Be Warned: Occupiers Benefit from Contributory Negligence Analysis

Recent decision in Wilson v. 356119 Ontario Ltd. et al. details occupiers' liability and contributory negligence analysis required for slip and fall actions.

Feb 16, 2023

Overhaul of the Insurance Intermediary Regime in New Brunswick Now in Effect

A summary of the two new rules introduced by the Financial and Consumer Services Commission of New Brunswick on insurance intermediaries.

Feb 14, 2023

Upfront Compensation for Segregated Funds: Is a Total Ban on the Horizon?

Insurance Regulators are exploring regulatory changes to Segregated Funds compensation arrangement on Insurers, Intermediaries and Consumers.

Sep 28, 2022

Proposed National Flood Insurance Models for Canada: A Summary of the Recent Report from the Task Force on Flood Insurance and Relocation

A summary of the Government of Canada's recent report regarding the development of a national flood insurance program.

Sep 13, 2022

OSFI Adds to its Existing Technology and Cyber Risk Requirements with Guideline B-13

OSFI issued final Guideline B-13 – Technology and Cyber Risk Management, key takeaways summarized.

Jul 26, 2022

OSFI’s Draft Guideline on Climate Risk Management Imposes New Disclosure Obligations on FRFIs

This bulletin summarizes OSFI's new draft guideline on climate risk management, paying particular attention to the disclosure requirements it imposes.

Jun 1, 2022

Ontario Superior Court Provides Refresher on Occupiers’ Liability Claims in Martin v. AGO et al.

This decision highlights that occupiers will not be found liable for injuries if they implement and follow a reasonable system of inspection and maintenance.

May 26, 2022

Ontario Whistle-blower Protections for Regulated Financial Services Sector Now in Effect

New protections for whistle-blowers under the Ontario's Financial Services Regulatory Authority Act in effect as of April 29, 2022.

May 4, 2022

OSFI Releases Revised Guidelines to Reflect IFRS 17

OSFI has released final revisions to Guideline D-5 and IFRS 9, which will take effect on January 1, 2023 to coincide with the implementation of IFRS 17.

Apr 6, 2022

Emergency Order – Impact on Insurers

Today, the Government of Canada released regulations pursuant to the Emergencies Act requiring that certain actions be taken by insurers and other entities.

Feb 16, 2022

OSFI Releases Final Revised Reinsurance Guidelines to Take Effect in 2025

OSFI published the final revised Guideline B-3, Sound Reinsurance Practices and Procedures and the final Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.

Feb 16, 2022

Do We Have Insurance for That? – Why Directors Should Obtain Legal Advice When Buying Company and D&O Insurance

Directors should engage legal counsel to negotiate insurance agreements, particularly those operating in emerging sectors such as cannabis and cryptocurrency.

Feb 15, 2022

FSRA Submits Unfair or Deceptive Acts or Practices (UDAP) Rule for Approval

The Financial Services Regulatory Authority of Ontario submitted its new Unfair or Deceptive Acts or Practices (UDAP) Rule for final approval.

Feb 9, 2022

FSRA Releases Final Innovation Framework and Opens Testing Environment for Auto Insurance Innovations

SRA recently announced their Final Innovation Framework and Test and Learn Environment Guidance, a positive step forward for financial services innovators.

Jan 26, 2022

Mandatory COVID-19 Vaccination Policy Upheld

An Ontario arbitrator upheld an employer's vaccine mandate for both a site where a 3rd party obligation existed and a related site with no such obligation.

Jan 12, 2022

Ontario Arbitrators Continue to Uphold Terminations of Employees who Breach COVID-19 Safety Protocols

A recent decision by an Ontario arbitrator further affirmed the notion that dishonesty during COVID screening protocols by an employee can lead to termination.

Jan 12, 2022

Captive Insurance Emerging in Alberta

The Alberta legislature recently proposed captive insurance legislation, expanding insurance options for Alberta businesses.

Nov 22, 2021

Mandatory Vaccination Policy: “Reasonable, Enforceable”

A labour arbitrator upheld an employer’s mandatory vaccination policy, finding the policy to be reasonable and enforceable.

Nov 11, 2021

Business Interruption Losses: Who is to Pay during the Pandemic?

Insurance coverage for business interruption losses has become a notable subject of litigation as pandemic-related claims make their way through the courts.

Nov 8, 2021

Proposed Changes to FIPPA: Two Steps Forward, One Step Back

The BC government recently introduced a bill to amend FIPPA that introduces new requirements for managing and protecting privacy.

Nov 5, 2021

Privacy Commissioner Releases More Guidance for Video Teleconferencing Companies

Video teleconferencing companies face unique cybersecurity and data privacy risks. The OPC has new guidance on how these companies can best address them.

Nov 3, 2021

Antitrust Reform: Canada Too!

James Musgrove and Sarah Stirling-Moffet talk Competition law reform in Canada after the Commissioner’s CBA speech - more money, more power!

Oct 21, 2021

Watch as that Trust is Swept Away

Suppliers and subcontractors in the construction industry should be mindful of a recent unreported decision of the Ontario Superior Court of Justice.

Jul 30, 2021

OSFI Issues Final Guideline E-4 Impacting Foreign Entity Branches to be Implemented by January, 2022

OSFI releases final Guideline E-4 for Foreign Entity Branches replacing existing Guideline E-4A and E-4B.

Jul 6, 2021

Amendments to the OHSA Consolidate Reporting Requirements for Workplace Accidents Effective July 1, 2021

The Ontario government introduced amendments to Regulations under the Occupational Health and Safety Act to consolidate accident reporting requirements.

Jun 30, 2021

An International Overview of Existing Climate-Related Insurance Initiatives: Finding the Right Path for Canada

Part of our ESG initiative, this article summarizes existing climate-related insurance initiatives and suggests programs that may be most successful in Canada.

Jun 30, 2021

Charting the Future of Insurance Regulation in Ontario – FSRA Takes Aim at Auto, and Health and Life Insurance for Increased Oversight and Consumer Protection

FSRA has set out its strategic direction and priorities for the insurance sector in its 2021-24 Annual Business Plan.

Jun 30, 2021

ICMA Green Bond Principles Undergo Minor Facelift

Legal news bulletin discussing recent changes to ICMA Green Bond Principles.

Jun 17, 2021

Canadian Privacy Commissioners Issue Joint Guidance on Vaccine Passports

Commissioners warn that privacy considerations must be “front and centre” as organizations develop and implement vaccine passports in the coming months

May 25, 2021

Commercial Leases During the COVID-19 Lockdown: Where are we Headed?

Ontario has also passed legislation to protect commercial tenants.

May 17, 2021

Stopping a Slippery Slope: Ontario Divisional Court Clarifies that Auto Insurance Coverage Applies Only to Direct Causes of Injuries

Ontario Divisional Court clarifies that automobile insurance only applies to direct causes of injury under the Statutory Accidents Benefits Schedule.

May 12, 2021

What Are You Suing Me For? I Had No Control: Lessor Fleet Liability

The decision in Barz concerns the interplay between Alberta’s Workers’ Compensation Act and Traffic Safety Act.

May 12, 2021

OSFI Issues Final IFRS 17 Regulatory Forms and Instructions for Federally Regulated Insurers

On April 30, 2021, OSFI released a letter to all FRIs advising that it has issued the final IFRS 17 Regulatory Forms and Instructions (the “Returns”)

May 8, 2021

Upcoming Changes to Ontario’s Auto Insurance Regime

The regulation of Ontario’s auto insurance market may undergo several key changes to enhance consumer protection and foster greater competition and innovation.

Apr 12, 2021

OSFI Announces Proposed Amendments to the Vested Asset Regime for Foreign Insurance Companies Operating in Canada on a Branch Basis

The authors discuss OSFI's announcement of three proposed amendments to the vested asset regime for foreign insurance companies operating as a branch in Canada

Apr 6, 2021

Mandatory Vaccination Policies for Employees: Enforceable or a Shot in the Dark?

There are vaccines, and there will be (at some point) enough for everyone in Canada to receive it. But what happens if your employees refuse to be vaccinated?

Dec 23, 2020

implementation of reinsurance security agreements: an update and new guidance from OSFI

The Office of the Superintendent of Financial Institutions ("OSFI"), Canada's federal regulator of banks, insurers, loan and trust companies and similar institutions, issued new Guidance in December 2010 (the "RSA Guidance") which requires Canadian insurance companies that reinsure with reinsurers not registered in Canada ("unregistered reinsurers") to convert their existing security arrangements governed by reinsurance trust agreements ("RTAs") into reinsurance security agreements ("RSAs") in order to continue to receive capital/asset credit in respect of the unregistered reinsurance.

Dec 18, 2020

Occupiers’ Liability Amendment: Ontario Shortens Notice Periods for Snow and Ice Related Claims

On December 8 2020 Ontario passed Bill 118 amending the Occupiers Liability Act and shortening the notice period in slip and fall claims from 2 years to 60 days

Dec 18, 2020

The Cessation of the 6-month and 12-month CDOR Tenors

Refinitiv announced that the calculation and publication of the 6-month and 12-month tenors of CDOR would cease indefinitely effective as of May 17, 2021.

Dec 17, 2020

OSFI’s New Draft Guideline E-4 Relating to Foreign Entity Branches: A Comparative Analysis to Existing Guidance

OSFI opens consultation for Draft Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, which will replace existing guidelines E-4A and E-4B.

Nov 3, 2020

Canada’s New Cybersecurity Certification Goes Live

The federal government has launched a voluntary CyberSecure program to help small and medium-sized organizations protect against cybersecurity threats

Oct 13, 2020

Mandatory Indoor Face Coverings: What Ontario Employers Need to Know

Oct 6, 2020

Sanctions Alert: Canada Reimposes Sanctions on Belarus

Canada announced on September 29, 2020, that it would re-impose more targeted economic sanctions against Belarusian high-ranking public officials

Sep 30, 2020

And We’re Back! OSFI Resumes IFRS 17 Initiatives

OSFI updates Federally Regulated Insurers on the implementation of the International Financial Reporting Standard
17 as policy work resumes.

Aug 12, 2020

Ontario Amends Employment Standards Legislation in Response to COVID-19

Ontario passes new protected leave of absence for employees impacted by COVID-19, and suggests COVID-19
cases should be reported as occupational illnesses.

Aug 5, 2020

Supreme Court of Canada Affirms the Genetic Non-Discrimination Act, Weighing Autonomy, Privacy, and Accessibility of Insurance

Impacts on insurers from recent decision in which SCC upholds protections for privacy and autonomy through the Genetic Non-Discrimination Act

Jul 22, 2020

OSFI to Resume Policy Development Work in the Fall of 2020

With conditions stabilizing across many parts of the country and economic recovery beginning, it is an appropriate time to resume policy work, details to come.

Jul 16, 2020

Significant Expansion of Ontario’s Personal Health Information Protections amid COVID-19: What you need to know

Bill 188 made significant amendments to PHIPA, which affect technology companies, and potentially insurers, who provide access to personal health information.

Jul 15, 2020

Privacy Penalties – Canadian Competition Bureau Wades Into Privacy Enforcement

Organizations operating in Canada are advised to immediately review their privacy-related policies and marketing to avoid false or misleading representations

May 26, 2020

OSFI Outlines Additional Regulatory Adjustments to Foster Financial Resilience and Stability During COVID-19

Further to OSFI's March 27 letter, OSFI announced more adjustments to existing capital requirements for banks and insurers to respond to the impacts of COVID-19

Apr 15, 2020

OSFI’s Regulatory Adjustments in Response to COVID-19 Impacts

On March 27, 2020, OSFI announced a number of sector-specific measures to support federally regulated banks, insurers and private pension plans.

Mar 31, 2020

Unbearable Lite-ness: Lenders’ Remedies in the Age of Missing Covenants

The author discusses the recent trend toward borrower-friendly loan documents and the remedies available to lenders in Canada.

Mar 23, 2020

Does Your Business Interruption Insurance Cover You for COVID-19?

The COVID-19 pandemic is not yet contained and while governments struggle to respond, businesses are bracing for the inevitable economic downturn.

Mar 23, 2020

Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?

Restructuring options and challenges in the time of COVID-19.

Mar 20, 2020

Is Your Refrigerator Limitation Period Running? Maybe Not Where One Party Promises to Fix the Problem

Limitation periods will not run where a party assures another it will fix the problem between them, and that party reasonably relies on that assurance.

Jan 7, 2020

Contact Information Posted on Websites Not Necessarily Up for Grabs

Investigation findings of the Office of the Privacy Commissioner highlight issues surrounding the use of personal contact information posted on websites

Dec 19, 2019

Ontario Court Suggests Terminated Salespeople are Fish Out of Water

Recent Ontario decision calls into question prior holdings about the transferability of salespersons' skills.

Dec 16, 2019

Party Cannot Negotiate Certification Defeat from the Jaws of Contested Victory

The British Columbia Supreme Court (“Court”) recently dismissed a party's second application attempt to certify their class action in Leonard v The Manufacturers Life Insurance (“Leonard”).

Jun 1, 2019

So You Want to Insure Risks in Canada, Eh? A Guide To Becoming A Licensed Insurer

There are two levels of government that regulate insurers in Canada.

Apr 23, 2019

OSFI Boots Up Cyber Safety with its New Advisory on Technology and Cyber Security Incident Reporting

On January 24, 2019, the Office of the Superintendent of Financial Institutions (“OSFI”) published the Technology and Cyber Security Incident Reporting Advisory (the “Advisory”), which sets out OSFI’s expectations for reporting technology and cyber security incidents.

Feb 6, 2019

OSFI adds the Earthquake Exposure Data Return to its Late and Erroneous Filing Penalty Framework

OSFI introduced the Late and Erroneous Filing Penalty ("LEFP") Framework in 2002 as a way to encourage timely and error-free filing.

Jan 31, 2019

OSFI’s Revised Corporate Governance Guideline Goes Live

On September 18, 2018 the Office of the Superintendent of Financial Institutions issued the final version of its Corporate Governance Guideline

Oct 3, 2018

Adoption of financial sector reform goes ahead in Québec, but government backtracks on certain proposed changes in the insurance sector

As a result of the adoption of the Financial Sector Reform Act, several key pieces of legislation are amended or replaced entirely.

Sep 5, 2018

OSFI Updates its Transaction Instructions for FRFIs’ Purchase or Redemption of Shares and Reduction of Stated Capital

On August 17, 2018, the OSFI revised its transaction instructions relating to the consent and reporting obligations of FRFIs entering into transactions

Aug 29, 2018

Insurance Regulators Team Up to Strengthen Consumer Protection

On May 3, 2018, the Canadian Council of Insurance Regulators ("CCIR") and the Canadian Insurance Services Regulatory Organizations ("CISRO") released a joint

May 31, 2018

PIPEDA – How to Obtain “Meaningful” Consent, and When Consent is Not Enough

On April 19, 2018, the Canadian Securities Administrators (the "CSA") published new draft rules governing the registration of derivatives market participants.

May 30, 2018

New Public Disclosure Requirements for Canadian Life Insurers

Apr 3, 2018

The International Comparative Legal Guide to: Insurance & Reinsurance 2018

Mar 20, 2018

The “20% rule”: Quebec’s New Bill 150 clarifies the distinction between damage insurance “agencies” and “brokerage firms”

The "20% rule": Quebec's New Bill 150 clarifies the distinction between damage insurance "agencies" and "brokerage firms"

Nov 9, 2017

Much awaited Bill 141 promises to shake up legislation regulating insurance, financial services and real estate and mortgage brokers in Quebec

Oct 20, 2017

Cybercrime Insurance Coverage Caselaw: Welcome to Canada?

Aug 21, 2017

What’s in a Name? When Profit Sharing “Insurance” is not Insurance under the Insurance Act

What's in a Name? When Profit Sharing "Insurance" is not Insurance under the Insurance Act

Jun 16, 2017

The International Comparative Legal Guide to: Insurance & Reinsurance 2017

Feb 1, 2017

CSA Publish Final Proxy Voting Protocols

Feb 1, 2017

Proposed Amendments Could Shake Up Vancouver’s Short-Term Rental Market

Proposed Amendments Could Shake Up Vancouver's Short-Term Rental Market

Oct 17, 2016

Rolling Back Sattva: Appeal Courts Can Second Guess Contractual Interpretation

Sep 26, 2016

OSFI’s Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

OSFIs Final Guideline on ORM is Less Prescriptive and Levels the Playing Field

Jul 14, 2016

OSFI Publishes Letter regarding the Tightening of its Supervisory Expectations for Mortgage Underwriting

Jul 13, 2016

New Rules for Asset Sales by Insolvent Producers (at least for now)

May 24, 2016

Safeguarding Data Transfers of Federally Regulated Entities: Within Canada and Beyond

Apr 26, 2016

Let the Experts Explain the Benefits

Mar 23, 2016

The International Comparative Legal Guide to: Insurance & Reinsurance 2016

Feb 1, 2016

Does Canada need a terrorism risk insurance scheme?

Dec 5, 2015

Developments in cyber-risk insurance coverage

Oct 27, 2015

Cyber risk insurance: driving the risk management process

Insurers and other insurance professionals have traditionally been well positioned to drive improvements in risk management processes.

Oct 20, 2015

Cyber risk insurance: driving the risk management process

Oct 20, 2015

Industry Healthcheck: Current Landscape

Insurers in Canada are required to implement a system of enterprise-wide risk management that identifies the inherent risks in their activities and manages those risks to appropriately defined levels.

Oct 6, 2015