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From: Financial Consumer Agency of Canada. The Insurance Companies Act is the primary legislation governing all federally incorporated or registered insurance companies in Canada. FCAC is responsible for administering sections of the Act designated as consumer provisions, in addition to monitoring the financial institutions’ compliance with ...
2024-01-18. We regulate most of the insurance companies that provide insurance for homes, cars and businesses in Canada. The federal and provincial/territorial governments share jurisdiction over insurers. We supervise property and casualty insurers to ensure they remain financially sound. The provinces and territories regulate licences for ...
In Canada, insurance companies are regulated by both federal and provincial authorities. The primary federal regulator is the Office of the Superintendent of Financial Institutions (OSFI), which oversees over 200 insurers, including life insurance companies, property and casualty insurance companies. OSFI conducts reviews of federally regulated ...
Canada’s life insurance regulatory framework is recognized as being strong, both domestically and internationally. It has proven its resiliency over time and through many economic cycles. However, life insurance companies and the Office of the Superintendent of Financial Institutions Canada (OSFI) alike are operating in an economic ...
Our corporate/regulatory and M&A lawyers work alongside our top-tier insurance litigation/dispute resolution lawyers and global f nancial services practitioners to form a pre-eminent, collaborative, bilingual, cross-country team. Our clients include major Canadian and international insurers and reinsurers, underwriters at Lloyd’s, insurance ...
May 14, 2018 · The publication, which can be accessed here, is published by UK-based Chambers and Partners as a chapter of its 2018 Global Practice Guide on Insurance Law. DISCLAIMER: This publication is intended to convey general information about legal issues and developments as of the indicated date.
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While the legislation is effective 1 January 2021, insurers can adopt the new duty at any time from 1 January 2021. All general and life insurance contracts entered into on or after 5 October 2021 will be subject to the new duty. A life insurance contract which is varied to increase the sum insured or provide additional cover on or after 5 ...
