Our recent comment, “Finally, Some Clarity on Record Keeping Requirements,” by Rick Da Costa, Gordon Goodman, and Cecile McKenzie has been profiled by Canadian Lawyer.
Writes Bernise Carolino in her article New Insurance Companies Act Section Clarifies Exemption to Recordkeeping Requirement: “Legislative developments have assisted in giving clarity to the Office of the Superintendent of Financial Institutions (OSFI) Canada’s expectations relating to its Guideline E-4: Foreign Entities Operating in Canada on a Branch Basis, published in July.”
Says Rick: “The updated guidance, which is expected to be complied with by January 2022, clarifies where foreign insurance company branches may store required records. It also shows a new focus on not just the branch’s chief agent in Canada but on all the persons responsible for the branch’s management.”