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McMillan is a leading business law firm serving public, private and not-for-profit clients across key industries in Canada, the United States and…
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McMillan LLP | Canada | 1 Dec 2015

Does Canada need a terrorism risk insurance scheme?

Canada has no public-private terrorism insurance scheme; nor to date has there been any serious groundswell advocating for one. Following recent horrific terrorist attacks, it is not yet clear whether there may be a spillover effect on the pricing/availability of terrorism risk insurance in Canada and, if so, whether Canada's need for a government-backed terrorism insurance scheme might be......
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McMillan LLP | Canada | 27 Oct 2015

Developments in cyber-risk insurance coverage

Broad policy exclusions with respect to a host of data-related losses are now commonplace in commercial general liability policies. However, privacy breaches or data loss incidents are now said to be a matter of when and not if. As a result, if an organisation wishes to obtain comprehensive insurance coverage for cyber-related risks, the insurance – to the extent available – must be......
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McMillan LLP | Canada | 20 Oct 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. Cyber-security risk is a modern phenomenon which has arisen in the electronic information and internet age, and the insurance industry is demonstrating that it can play a key role both in educating and equipping organisations to manage this emerging risk, and......
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McMillan LLP | Canada | 6 Oct 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. Recent regulatory initiatives include revised guidelines on corporate governance and regulatory compliance management and a new guideline on own risk and solvency assessment.
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McMillan LLP | Canada | 15 Sep 2015

OSFI issues new operational risk management guideline

The Office of the Superintendent of Financial Institutions (OSFI) has released draft Guideline E-21 – Operational Risk Management for federally regulated financial institutions (FRFIs), including insurance companies. The guideline identifies the appropriate framework and processes that OSFI expects FRFIs to maintain in order to mitigate operational risk.
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McMillan LLP | Canada | 8 Sep 2015

OSFI issues draft Minimum Capital Test Guideline for property and casualty insurers

The Office of the Superintendent of Financial Institutions Canada has recently proposed several revisions to the Minimum Capital Test Guideline that will take effect in 2016, the objective of which is to improve regulatory risk-based capital guidance. The revisions add further provisions for equity risk exposures and amend the wording of the guideline to incorporate clarifications and enhance......
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McMillan LLP | Canada | 4 Aug 2015

Final demutualisation regulations published

The final Mutual Property and Casualty Insurance Company with Non-mutual Policyholders Conversion Regulations and Mutual Property and Casualty Insurance Company Having Only Mutual Policyholders Conversion Regulations were recently published. They reflect Parliament's twin objectives of ensuring the equitable treatment of mutual and non-mutual policyholders and establishing a transparent,......
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McMillan LLP | Canada | 24 Mar 2015

The feeling is 'demutual': new draft legislation for P&C mutuals

The Department of Finance has published two draft regulations under the Insurance Companies Act which, if implemented, would allow the demutualisation of federally regulated mutual property and casualty insurance companies ('P&C mutuals'). This would allow P&C mutuals to convert from policyholder-based ownership to share-based ownership and subsequently to issue shares on public markets.
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McMillan LLP | Canada | 3 Mar 2015

Upcoming changes to Saskatchewan insurance legislation

The Saskatchewan minister of justice and attorney general has introduced Bill 177, which will implement the new Insurance Act and repeal the Saskatchewan Insurance Act. The proposed act includes significant changes to address market conduct and unfair practices, and will introduce insurance compliance self-evaluative audits.
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McMillan LLP | Canada | 10 Feb 2015

OSFI developments towards new life insurance capital framework

The Office of the Superintendent of Financial Institutions is seeking to produce a revised capital guideline for life insurers that takes into account developments in the areas of financial reporting, actuarial methodology, economic capital and financial theory and thereby better assesses their solvency risk. Industry stakeholders are invited to continue to provide input in order to assist......
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