On January 29, 2026, the Office of the Superintendent of Financial Institutions (“OSFI”) released a consultation on a proposed senior leader regime (“Consultation”). The Consultation is focused on potential changes to a range...more
2/11/2026
/ Background Checks ,
Board of Directors ,
Canada ,
Consultation Papers ,
Corporate Governance ,
Financial Institutions ,
Financial Services Industry ,
New Guidance ,
OSFI ,
Public Consultations ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Senior Managers
As discussed in our January 6, 2026 post, British Columbia has introduced the long‑awaited Restricted Insurance Agent Licence Regulation, which will take effect on January 1, 2027, creating a new licensing framework in the...more
Over the past year, Canada’s federal and provincial governments have accelerated efforts to dismantle interprovincial labour‑mobility barriers. A key focus is enabling certified professionals, such as insurance advisors,...more
1/16/2026
/ Canada ,
Insurance Agents ,
Insurance Brokers ,
Insurance Industry ,
Insurance Regulations ,
License Applications ,
New Legislation ,
Ontario ,
Professional Regulators ,
Regulatory Agencies ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements
On December 18, 2025, the Government of British Columbia announced the long-awaited Restricted Insurance Agent Licence Regulation (“Regulation”), which will come into force on January 1, 2027, alongside certain provisions of...more
On December 4, 2025, the Alberta Superintendent of Insurance (the “Superintendent”) announced the release of updated guidelines for captive insurers as well as an updated annual return template. The update clarifies and adds...more
On October 20, 2025, the Financial Services Regulatory Authority of Ontario (“FSRA”) published a substantially revised version of its Rule 2025-001 – Life and Health Managing General Agents (the "Rule”). FSRA stated that many...more
11/10/2025
/ Canada ,
Comment Period ,
Compliance Management Systems ,
Health Insurance ,
Insurance Industry ,
Insurance Regulations ,
Licensing Rules ,
Life Insurance ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Requirements
On July 3, 2025, Québec’s financial institutions regulator – the Autorité des marchés financiers (“AMF”) – published draft guidelines (“Draft Guidelines”) on the use of artificial intelligence systems (“AI Systems”) by...more
On January 28, 2025, the Financial Services Regulatory Authority of Ontario (“FSRA”) published Proposed Rule 2025-001 (the “Proposed Rule”), which builds on recent amendments to the Insurance Act (the “Act”). Those amendments...more
On December 19, 2024, the Alberta Superintendent of Insurance published a revised version of Bulletin 05-2024 (“Superintendent’s Bulletin”) on the treatment of motor vehicle warranty contracts, dealership loyalty programs and...more
On December 10, 2024, Ontario’s Financial Services Regulatory Authority (“FSRA”) released its review of the role of Managing General Agents (“MGAs”) in Ontario’s property and casualty (“P&C”) insurance market (the “Review”)....more
On December 12, 2024, the Alberta Superintendent of Insurance (the “Superintendent”) issued Interpretation Bulletin 08-2024 (the “Bulletin”) extending the ability of captive insurers to reinsure certain third-party risks. As...more
On November 21, 2024, the Office of the Superintendent of Financial Institutions (“OSFI”) released a regulatory notice on managing culture risk (the “Notice”). The Notice follows industry feedback on OSFI’s February 2023...more
On November 22, 2024, the Ontario Ministry of Finance announced that it is proceeding with a plan announced in Ontario’s 2024 Budget that will give the Financial Services Regulatory Authority (FSRA) the power to initiate a...more
On October 10, 2024, the Alberta Superintendent of Insurance issued Interpretation Bulletin 05-2024 (“Bulletin”) on the insurance regulatory treatment of motor vehicle warranty contracts, dealership loyalty programs and...more
On August 12, 2024, the Department of Finance released its Consultation on Proposals to Strengthen Canada’s Financial Sector, the third phase of the federal government’s ongoing review of Canada’s financial institutions laws....more
Over the past few months, there have been a number of regulatory developments in Québec which will have an important impact on the insurance sector. These include: (i) clarifications on how new French language requirements...more
On July 26, 2024, the Ontario Ministry of Finance launched a consultation on proposed amendments to the Insurance Act that would create a regulatory framework for life and health managing general agents (L&H MGAs) and those...more
8/14/2024
/ Canada ,
Comment Period ,
Consultation Papers ,
Financial Services Industry ,
Health Insurance ,
Licensing Rules ,
Life Insurance ,
Ministry of Finance ,
Ontario ,
Proposed Amendments ,
Regulatory Agenda ,
Rulemaking Process
On January 31, 2024, OSFI released its finalized Integrity and Security Guideline (“Guideline”). The Guideline is a result of the extension of OSFI’s mandate, as of January 1, 2024, to include the oversight of integrity and...more
On November 30, 2023, the Autorité des marchés financiers (AMF), the organization that oversees Québec’s financial industry, published a draft Climate Risk Management Guideline (the Guideline) which will apply to licensed...more
On October 13, 2023, OSFI released its draft Integrity and Security Guideline (“Guideline”). The Guideline, which would layer new and expanded expectations over existing applicable guidance, would apply to all Federally...more
On October 5, 2023, the Department of Finance (Canada) launched a public consultation as part of its periodic review of the key statutes governing federally-regulated financial institutions: the Bank Act, the Insurance...more
On October 4, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) released details of a new supervisory framework (“New Framework”) that will apply as of April 1, 2024 to federally-regulated financial...more
In July 2023, the Canada Revenue Agency (“CRA”) released GST/HST Notice 325 (the “Notice”) with respect to services provided by certain insurance intermediaries. The Notice essentially makes official the 180-degree turn the...more
9/7/2023
/ Canada ,
Canada Revenue Agency (CRA) ,
Future Tax Treatment ,
Goods or Services ,
GST ,
Insurance Agents ,
Intermediaries ,
International Tax Issues ,
Sales Commissions ,
Tax Liability ,
TPAs
On February 28, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”) announced the release of a draft Culture and Behaviour Risk Guideline (“Draft Guideline”). In response to feedback received in response...more
British Columbia’s Ministry of Finance is conducting a consultation on the adoption of its proposed restricted insurance agent licensing regime for incidental sellers of insurance. The proposal is similar to what is already...more