The ACE Group has introduced a new report designed to help multinational enterprises operating in Canada understand and effectively navigate the country's cross-border insurance regulations.
ACE’s Multinational Client Group General Counsel Suresh Krishnan and ACE Canada General Counsel Fernand Vartanian co-authored the report titled "Structuring Multinational Insurance Programs: Insights into Cross-Border Insurance Regulation in Canada."
The report explores the various regulatory and execution challenges faced by multinational enterprises with Canadian exposures.
Krishnan said Canada and its provinces and territories have among the world’s most sophisticated regulatory regimes overseeing the purchase and implementation of insurance programs.
"With a clear understanding of Canadian federal and provincial laws, risk managers, brokers and insurers may more effectively navigate the multifaceted landscape of cross-border insurance regulations in Canada," added Krishnan.
The report distinguishes between regulation on the broker, the insured and the insurer when it comes to the placement and taxation of non-admitted insurance and highlights the importance of understanding that each of Canada’s provinces and territories regulate insurance independently of each other.
The report concludes with a checklist of key points that insurers, brokers and risk managers should consider when designing and implementing a multinational insurance program insuring Canadian risks.