Following the enactment of Bill C-31 (which aimed to implement certain provisions of the 2014 budget), amendments have been made the Insurance Companies Act (Canada).
As a result of those amendments, the Governor in Council’s regulation-making authority under the act has been broadened. This may speed the demutualization of the property and casualty insurance industry.
For more on demutualization, read: Government releases summary of responses for demutualization
John Bowey, chair of Economical Insurance’s committee on demutualization, says, “Now that the budget implementation bill has been enacted, the next step would be for the Department of Finance to release draft demutualization regulations. [These] are expected to be subject to a public comment period before coming into force.”
Economical Insurance plans to continue to provide regular updates on the insurance demutualization process in Canada.
For more on insurance, read: