Global Trade Alert

Amendments to the foreign companies provisions of the Insurance Companies Act (Part XIII) that came into effect on January 1, 2010, removed an exemption that allowed foreign insurers to insure in Canada marine risks without having that class of insurance listed in their order to insure in Canada risks. As a result, all existing foreign insurers that insure or plan to insure in Canada marine risks are required to apply to Office of the Superintendent of Financial Institutions (OSFI) to have their order amended to reflect their marine business and the new legislative requirements.