News Releases

NEW YORK--(BUSINESS WIRE)--The ACE Group today introduced a new report designed to help multinational enterprises operating in Canada understand and effectively navigate the country’s cross-border insurance regulations.

Co-authored by Suresh Krishnan, General Counsel for ACE’s Multinational Client Group, and Fernand Vartanian, General Counsel for ACE Canada, “Structuring Multinational Insurance Programs: Insights into Cross-Border Insurance Regulation in Canada,” explores the various regulatory and execution challenges faced by multinational enterprises with Canadian exposures.

“Canada and its provinces and territories have among the world’s most sophisticated regulatory regimes overseeing the purchase and implementation of insurance programs,” said Mr. Krishnan. “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.”

Examining these challenges from the perspective of companies with operations in Canada but based elsewhere, 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; highlights the importance of understanding that each of Canada’s provinces and territories regulate insurance independently of each other; explains the excise tax imposed by Canada’s federal government; and outlines how the application of the principles of “insurable interest” may provide measurable compliance.

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.

The report is the eighth in the ACE Progress Report series to focus on various aspects of multinational insurance programs, all of which are available in the ACE Perspectives section of the ACE Group website. ACE’s legal and regulatory expertise backing these reports, in addition to its broad product offerings, local insurance professionals and network partners, ACE Worldview ^SM information portal, and global client executives, are part of the company’s Global Program Solutions, or ACE GPS ^SM, capabilities that leverage its full global resources to create effective insurance programs to address clients’ specific risks and requirements around the world.

The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:www.acegroup.com.