Canadian insurance companies act part xiii

Brian Reeve Comments on Confusion Caused by Changes to Insurance Companies Act

On May 26, 2010, Brian Reeve was quoted in "Part XIII Causes Confusion for Canada's Insurers," an article which appeared in Reactions Magazine. a Euromoney Instutional Investor PLC publication.

The article outlined the changes to Part XIII of the Insurance Companies Act and noted that the changes have caused some confusion in the market.

Brian observed, “The reinsurer is expected to do due diligence and OSFI has not defined what is expected or required.” He said that what is not clear throughout Part XIII regulations is what amount of due diligence is sufficient.

According to Reeve, another challenge comes from the US brokers that have varying levels of knowledge about Part XIII. “They are getting mixed stories,” says Reeve. “One broker will say: ‘Our clients aren’t doing anything [Canadian] and they are fine.’ And then another will say: ‘No you have got to get a separate Canadian contract to comply with Part XIII.’

“I think a certain degree of misinformation and confusion is still floating around, and it comes from the fact that the advisory is fairly technical and you really have to understand what the criteria are and how they need to be applied,” he adds.

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