What’s New: In Brief (November 28, 2007)

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has made it clear that foreign insurers providing financial guarantee insurance would not be subject to Part XIII of the Insurance Companies Act (ICA), according to a projects bulletin published by McMillan Binch Mendelsohn. The firm notes financial guarantee insurance is rarely seen in Canada, because it was previously unclear as to whether a foreign insurer would require a special order from OSFI thereby subjecting them to Part XIII of the ICA prior to providing the insurance in Canada, the law firm points out. “These developments are good news for foreign providers of monoline wraps and for Canadian infrastructure project bidders seeking a broader menu of financing options in an increasingly competitive bidding environment,” the law firm writes. “The barriers have not come down completely, of course: insurers still face provincial regulation, which may impose licensing requirements, premium levies or other regulatory hurdles.”

Coleen Volk has been appointed assistant superintendent, corporate services sector, with the Office of the Superintendent of Financial Institutions (OSFI). Most recently, Volk held the position of assistant deputy minister, corporate services branch with the Department of Finance. While there, she directed corporate services for Finance Canada and the Treasury Board Secretariat, sitting on the executive management committees of both departments. Before joining the Department of Finance, Volk held several corporate finance positions at Canada Mortgage and Housing Corporation (CMHC), including deputy treasurer, treasurer, managing director, securitization and assistant vice president of finance and corporate services.