Publications
-
What precautions should a proposed director take prior to accepting to act as a corporate director? / What are the duties of a member of a board of directors?
This Need to Know Express is part of a series of newsletters which each answers one or several questions in a practical and concrete way. These bulletins have been or will be published over the next few weeks. In addition, a consolidated version of all the Need to Know Express newsletters published (…)
-
Self-evaluation process of financial institutions regarding the Sound Commercial Practices Guideline: What is the objective and what will be the impacts?
The Sound Commercial Practices Guideline (the “Guideline”) published by the Autorité des marchés financiers (the “AMF”) in June 2013 and intended for insurers of persons or damages, holding companies controlled by an insurer, trust and savings companies or financial services (…)
-
Is a director required to be a shareholder or member of the legal person? / Who is eligible to become a director?
This Need to Know Express is part of a series of newsletters which each answers one or several questions in a practical and concrete way. These bulletins have been or will be published over the next few weeks. In addition, a consolidated version of all the Need to Know Express newsletters published (…)
-
Capital requirements of life insurance companies : Where do we stand ?
AT THE INTERNATIONAL LEVELOn December 16, 2013, the International Association of Insurance Supervisors (the “IAIS”), which groups the regulators of 140 countries, including Canada, published a consultation document proposing to the international community a series of regulatory capital (…)
-
Regulatory Offences in the Distribution of Insurance Products: A Call for Diligence
On November 21, 2013, the Supreme Court of Canada issued its judgment in the case of La Souveraine, Compagnie d’assurance générale v. Autorité des marchés financiers, 2013 SCC 63, a decision which is now critically important in the context of the distribution of insurance products in Quebec. (…)
-
The Office of the Superintendent of Financial Institutions published its draft guideline Liquidity Adequacy Requirements
On November 28, 2013, the Office of the Superintendent of Financial Institutions (OSFI) published its draft guideline entitled Liquidity Adequacy Requirements1 which set out the new liquidity requirements that may eventually apply to federal deposit-taking institutions, that is, the banks, bank (…)
-
New measures to protect consumers of prepaid credit cards: The follow-up
This publication was authored by Luc Thibaudeau, former partner of Lavery and now judge in the Civil Division of the Court of Québec, District of Longueuil. In November 2012, Lavery published a newsletter concerning the announcement made by the Harper government on October 24, 2012 of the adoption (…)
-
Electronic commerce in insurance products: The CCIR adopts the final version of its position paper
Over the last few years, the Canadian Council of Insurance Regulators1 (“CCIR”) has taken an active interest in the issue of the electronic commerce of insurance products and the necessity of ensuring the adequate protection of the interests of consumers in this context. In May 2013, the (…)
-
Legal newsletter for business entrepreneurs and executives, Number 18
CONTENTS Easing the financing rules while waiting for crowdfunding Avoiding disputes by entering into a shareholders’ agreement Tenth anniversary of Bill 72 : Land protecton and rehabilitationEASING THE FINANCING RULES WHILE WAITING FOR CROWDFUNDINGJosianne BeaudryThere is no doubt (…)
-
E-Distribution of Insurance Products: the CCIR Publishes its Recommendations
In January 2012, the Electronic Commerce Committee of the Canadian Council of Insurance Regulators (CCIR)1 released an issue paper entitled “Electronic Commerce in Insurance Products”, through which it invited insurers and intermediaries to provide feedback on certain targeted issues (…)
-
Amendments made to the Act respecting insurance of Quebec to allow transfers between participating funds and non-participating funds
On June 14, 2013, the Act respecting insurance (Quebec) (the "Act") was amended by sections 1 to 5 of An Act to amend various legislative provisions mainly concerning the financial sector. The new sections, 66.1.1 to 66.1.6, have been added to the Act in order to henceforth allow an (…)
-
To What Extent are Insurers Required to Cover Premises where Criminal Activities are Conducted?
In a recent decision by the Court of Appeal of Québec, the Honourable Jacques Chamberland, J.C.A. reviewed the application of exclusion clauses contained in a home insurance policy in the context of criminal activities1.THE FACTSThe Appellant, Union canadienne compagnie d’assurance insured the (…)
-
The Court of Appeal confirms that the policyholder and the insurer may agree to modify the provisions of a group insurance contract without consulting the participants
The decision of the Court of Appeal in the La Capitale case has been expected since February 2012 when the Superior Court dismissed the class action taken against an insurer who, with the consent of the policyholder, had unilaterally modified the waiver of premiums clause in a group insurance (…)