Insurance
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.
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.
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.
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.
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.
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.
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.
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.
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.
Update on recoverable disbursements: The recoverability of after the event or ATE insurance premiums
Whether you win or lose, litigation can be an expensive endeavour. While some of those costs may ultimately be recovered from the other party in the course of the litigation, recent case law suggests that the premiums paid for After The Event (“ATE”) insurance (also known as adverse costs protection insurance) are unrecoverable.
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