Today’s insurers, reinsurers and insurance intermediaries require creative strategies, practical experience and keen sector insight to generate growth and deliver on customer expectations. Equally important, they need the assistance of insurance law firms to ensure they’re in compliance with evolving domestic and global regulatory reforms as they bring new products and services to market. Providers and marketers of insurance are facing increased competition and, at the same time, a higher burden of compliance than ever before. The industry – and those who depend upon it – requires access to lawyers who specialize in insurance regulatory law and the legal factors affecting the insurance industry.
McMillan’s Banking, Finance and Insurance Industry Group has a broad depth of experience working with a wide range of insurance sector organizations. We understand developments across the insurance sector, from the regulatory environment and risks and to opportunities such as demutualization that operating in this complex sector brings. Our lawyers have represented some of the world’s largest and most sophisticated insurers, brokers and other insurance industry participants, including adjusters, on all manner of business transactions, and regulatory compliance.
McMillan helps its insurance clients lead by:
- Executing mergers and acquisitions and corporate reorganizations
- Obtaining regulatory approvals for share and portfolio acquisitions and divestitures, amalgamations, related-party and other business transactions (including Competition Bureau approvals)
- Advising on incorporation and Canada-wide licensing of insurers, agents, brokers and adjusters as well as termination of insurance businesses in Canada
- Advising on corporate governance and compliance matters and creating board and committee charter documents and company policies and procedures
- Negotiating and implementing outsourcing arrangements
- Reinsurance agreements
- Resolving market conduct issues arising under provincial statutes, including by representing insurers, agents, brokers and others before regulatory tribunals and—where necessary—the courts
- Advising insurers, agents and brokers on the day-to-day business of marketing and selling insurance products and on operational matters such as drafting and amending policies, privacy and e-commerce, drafting and reviewing innovative marketing initiatives and dealing with related regulatory challenges
Insights (10 Posts)View More
Department of Finance Launches Consultation on Security and Integrity, Access to Banking, and Protections for Digital Financial Products
On October 5, 2023, the Department of Finance launched a public consultation on the statutes governing federally regulated financial institutions.
This bulletin summarizes the new details announced by OSFI on October 4, 2023, regarding its new supervisory framework for FRFIs and pension plans.
On September 6, 2023, OSFI issued a letter to industry outlining its steps to supervise emerging non-financial risks.
OSFI Calls for Stakeholder Feedback on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures
OSFI receiving feedback from banks and insurers about the Guidelines on Regulatory Capital and Liquidity Treatment of Crypto-asset Exposures.
Government of Canada Seeks Input on Updating Canada’s Anti-Money Laundering and Terrorist Financing Regime
The Government of Canada has launched public consultations on updating Canada's anti-money laundering and terrorist financing regime.
Finance Canada's proposed changes relating to anti-money laundering and armoured car companies, mortgage lenders, and money service businesses.
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.
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.
A review of the recent announcements from Budget 2023 regarding a national flood insurance program.
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.
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