1 Bill C-37: 2006 Financial Institutions Legislation Review

  • based on the federal White Paper released on June 14, 2006
  • received Royal Assent on March 28, 2007 and portions were proclaimed into force on April 20, 2007.

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BACKGROUND INFORMATION

UPDATED INFORMATION ON THE COMING INTO FORCE OF THE BILL

2 Québec AMF Amended Regulations Regarding Disclosure

  • the AMF has proposed amendments to "The Regulation respecting Information to be Provided to Consumers"
  • these amendments are likely to come into force in the coming months

3 New AMF Guideline on Transferring a P&C Portfolio Between Brokers

  • the AMF will issue both a guideline for the industry and a communication to its employees regarding the transfer of a property & casualty portfolio from one market intermediary to another
  • both documents likely to be released in the coming months

4 AMF Provides Additional Guidance on 20% Ownership Limitation

  • in its bulletin released on February 16, 2007, the AMF provides additional guidance on permitted activities in connection with the damage insurance broker ownership limitation in section 147 of the Act respecting the distribution of financial products and services.

5 British Columbia Launches Consultation on its Insurance Legislation

  • last month, British Columbia's Minister of Finance introduced a consultation paper on proposed amendments to its Insurance Act deadline for submissions was May 1, 2007
  • the proposed amendments include mandating that life, home, and accident & illness insurers establish an internal dispute resolution process and applying a two-year limitation period for insurance claims

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FULL DETAILS ON THE CONSULTATION PAPER

6 Alberta's Insurance Amendment Act, 2007

  • Alberta has released a draft version of the legislation for comment by stakeholders

7 Ontario Implements Classes of Insurance Harmonization

  • on April 30, 2007, FSCO released an Order amending the classes of insurance under the Insurance Act (Ontario), implementing the harmonization of insurance classes across Canada

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VIEW THE ORDER

8 FSCO to Regulate Wholesale Brokers

  • FSCO has announced that it intends to "draft recommendations for the licensing of wholesale brokers and re-insurance intermediaries to enhance consumer protection" in 2007, according to its draft annual "Statement of Priorities"

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VIEW THE STATEMENT

9 Amendments to the Insurance Act (Manitoba)

  • Bill 11 was introduced and had its first reading on November 30, 2006 the bill is expected to continue its progress through the Manitoba Legislative Assembly over the coming months

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PROPOSED LEGISLATIVE AMENDMENTS AND EXPLANATORY NOTE

10 Newfoundland & Labrador's Consumer Protection Document

  • on January 25, 2007, the provincial government introduced its Principles for the Sale of Insurance: A Consumer Protection Document brokers and insurance companies are required to provide a stipulated consumer protection document to all consumers who purchase insurance in the province

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FULL COPY OF THE DOCUMENT

  • 11 CCIR Update In March, the IPRC released a report examining the implementation by 11 industry associations of the three principle-based recommendations the IPRC identified in the spring of 2006 we understand that there is also a newly established working group on creditor group insurance products, which intends to begin work this summer

WEB LINK:

FULL IPRC REPORT

12 AML/ATF Regulations

  • in March, the Department of Finance published proposed regulations to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in the Canada Gazette the proposed regulations contain several key provisions and would serve to implement the risk-based approach to assessing AML/ATF vulnerability entrenched in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act as amended by Bill C-25 (which received Royal Assent in December of last year and is pending proclamation into force) during March and April, the Department of Finance held consultations with various industry members to discuss the proposed regulations and their implementation the proposed regulations will likely come into force in the coming months

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PROPOSED REGULATIONS