The Canadian Association of Mutual Insurance Companies (CAMIC) warned Tuesday that policyholders of mutual property & casualty insurance firms “need to pay close attention” to draft regulations on the demutualization of property & casualty insurance firms, suggesting those proposed rules do not specify what benefits non-mutual policyholders would get in the event of demutualization.
Canada has had regulations on the demutualization of life insurance firms since 1991, but there are currently no regulations in place for the demutualization of P&C insurers.
On Feb. 28, the federal government published a draft regulation – in the Canada Gazette – for mutual insurance companies that have only mutual policyholders. It also published a draft regulation for insurers having both mutual and non-mutual policyholders.
Canadian Underwriter.ca –Â Mar 24, 2015.
Want More Investigative Content?
