Assuming that the Bill in its present form survives a second reading before the House and passes the Senate, it will likely receive royal assent this year.
Many of the provisions of the Bill are similar or identical to those contained in the Exposure Draft Bill released by Parliament back in 2007. There are, however, a number of significant changes to the 2007 Exposure Draft Bill. Most significantly, the long awaited proposed amendments to sections 40 and 54 of the Insurance Contracts Act are not included in the 2010 Bill.
Download our Insurance Alert, March 2010 (PDF, 93KB).