Lang Michener Corporate Insurance Brief Winter 2009

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In this issue, Carol Lyons describes OSFI’s new

requirements for Canadian branches with respect

to implementation of changes to Part XIII of the

Insurance Companies Act. Carol also summarizes

OSFI’s new consultation paper on changes to the

regulation of reinsurance.

Frank Palmay discusses risk-based

regulation and insurer self-assessment,

highlighting a change to Alberta’s insurance

legislation which he hopes will be followed by

other provinces.

Hartley Lefton discusses a recent Supreme

Court case that highlights the importance of

selecting the correct insurance policy. Hartley

also provides a summary of OSFI’s new

requirement for Canadian financial institutions to

implement policies and procedures for assessing

the suitability of “responsible persons”.

Finally, George Waggott examines a decision

regarding restrictive covenants in employment

contracts entered into by employees, including

those in the insurance industry.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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