Insurance

Rainbow colored umbrella against blue cloudy sky

INSURANCE

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

Primary Contacts

View All Contacts

Darcy Ammerman

Partner, Financial Services | Banking & Finance | Insurance

Ottawa

darcy.ammerman@mcmillan.ca Phone

613.691.6131

Gerald A. Badali

Counsel, Insurance

Toronto

gerald.badali@mcmillan.ca Phone

416.307.4064

Christopher J. Garrah

Partner, Business Law | Insurance

Toronto

christopher.garrah@mcmillan.ca Phone

416.307.4211

Lindsay Lorimer

Partner, Product Liability & Regulation | Class Actions

Toronto

lindsay.lorimer@mcmillan.ca Phone

416.865.7197

News

INSIGHTS (71 Posts)

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

Commercial Leases During the COVID-19 Lockdown

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

The 10 most important issues General Counsel should know about Risk Transfer involving Insurance

The 10 most important issues General Counsel should know about Risk Transfer involving Insurance.

Details

April 27, 2016 - 12:00 PM to 1:30 PM

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