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News and discussion on implementing risk management

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Insurance

COVID-19 impact: OSFI capital and regulatory reporting update

In light of the operational and financial impact of COVID-19 on federally regulated financial institutions (FRFIs), the Office of the Superintendent of Financial Institutions (OSFI) announced new measures on April 9, 2020 relating to capital adequacy requirements and reporting requirements.

 

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COVID-19 impact: Business interruption insurance issues

It is clear that COVID-19 is creating an entirely new set of health, economic and social problems for everyone. Insurers must be responsible partners in the fight against COVID-19. It is important that their service levels to the public, particularly with respect to claims, remain as uninterrupted as possible.

 

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Protecting Canadian public companies from the potential class action fallout of COVID-19

One of the key metrics to determining how attractive a target a company is for class action lawyers is the length of the anticipated “class period” – i.e. the period between the date of the first misrepresentation and the date of the corrective disclosure.

 

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COVID-19 update: Rent payment and commercial lease enforcement during the pandemic

In this brief update, we consider the last of the above remedies, being the landlord’s ability to terminate a commercial lease, re-enter and re-let the premises, in the context of the COVID-19 pandemic.

 

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Contractual rights and obligations in the context of COVID-19

Learn why you need to review your contracts and advocacy practices with Not-for-Profit PolicyPro

The significant disruption caused by the global COVID-19 pandemic brings threats to stable contractual relations and the economic expectations that come with them. Here are pragmatic and legal next steps that organizations can take.

 

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COVID-19: Insurance considerations for business disruptions in Canada

One key consideration for businesses when facing potential losses as a result of COVID-19 is the availability of insurance coverage for business interruption and related losses.

 

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FSRA targets efficient and streamlined regulation for Ontario credit unions, insurers, pension plans, and mortgage brokers

As previously reported, the Ontario government is moving ahead to support financial regulatory reform including by establishing the Financial Services Regulatory Authority (FSRA), the new Ontario provincial regulator for provincially regulated insurers, credit unions, loan and trust corporations, pension plans, mortgage brokers and certain auto insurance service providers.

 

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The Financial Services Regulatory Authority of Ontario

Effective June 8, 2019, the Ontario government launched the Financial Services Regulatory Authority of Ontario (FSRA), which is a new independent and self-funded regulator of financial services and pensions that is intended to help reduce regulatory burden, among other things.

 

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New Environmental Emergency Regulations

The new Environmental Emergency Regulations apply to a responsible person that owns or has the charge, management or control of any of the 249 listed hazardous substances located at any fixed land-based facility in Canada.

 

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Good faith in insurance dealings: A two way street

It is commonly known that contracts of insurance are contracts of utmost good faith, requiring the parties to deal with each other fairly and in good faith.

 

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Alberta Court of Appeal allows apportionment of fault for an accident between a WCB-covered employer and a non WCB-covered party

In McIver v. McIntyre, the Court found that a worker who was injured in a collision could not recover damages against the other vehicle’s owner. The vehicle the worker collided with was operated by a mechanic who was repairing and testing the vehicle while working in the course of his employment.

 

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Improve internal controls over fixed assets (Part 2)

A failure to satisfy proper cut-off, completeness, existence, accuracy and ownership are common problems arising from weak or non-existent fixed asset policies. The overarching approach to satisfying these issues is to design and implement internal controls in proper policies and procedures.

 

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When liability waivers are upheld

This case illustrates that waivers can be a complete bar to the right to sue and that participants being provided a waiver have the option to opt out of the activity if they are not comfortable with solely bearing the risk associated with it.

 

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Phishing losses exceed $224,000.00 after insurer denies coverage

In August 2010, someone called The Brick’s accounts payable (AP) department, pretending to be from Toshiba Canada. The caller said he was new to Toshiba and needed some payment details. The Brick employee faxed the payment information to the number which the caller provided.

 

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Building warranty or insurance? Recent Alberta jurisprudence on standard by-law endorsement

The Supreme Court of Canada recently denied leave to appeal in respect of the Alberta Court of Appeal’s decision in 852819 Alberta Ltd v Sovereign General Insurance Company, 2017 ABCA 76, leave to appeal denied 2017 CanLII 51468 (SCC) (“852819 Alberta”), which provides much needed clarification regarding the interpretation of the By-law Endorsement coverage common to most all-risk commercial property insurance policies in Canada. The defendant insurers were represented by the authors.

 

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