Bill 162 explained in plain English
Insurance Amendment Act (Life Settlements), 2017
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 41st Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill 162, the Insurance Amendment Act (Life Settlements), 2017, proposes to amend the Ontario Insurance Act to permit life insurance policies to be sold by original policyholders under certain conditions, with oversight for consumer protection and a 10-day cancellation period.
This bill proposes to amend Ontario's Insurance Act to allow for the sale of life insurance policies under specific conditions, a practice referred to as 'life settlements'. Currently, only insurers or their agents can trade life insurance policies. This bill would create an exception, permitting the sale of a policy from the original policyholder (or the policyholder and a related person) if the policy has been held for at least 36 months and other prescribed requirements are met. It also introduces a 10-day 'cooling-off' period for these agreements, during which the sale can be cancelled. The Financial Services Commission of Ontario would be responsible for overseeing these transactions to ensure consumer protection.
- Amends the Insurance Act to allow for life settlements, which are sales of life insurance policies by original policyholders.
- Establishes conditions for life settlements, including policyholder requirements, a minimum holding period for the policy, and specific requirements for the purchaser and the sale agreement.
- Introduces a 10-day cooling-off period during which an agreement to sell a life insurance policy can be cancelled.
- Assigns the Financial Services Commission of Ontario the duty to oversee these life settlement transactions for consumer protection.
- Amends section 121 of the Insurance Act to include provisions for prescribing requirements related to life settlements and governing the Commission's oversight.
- Original life insurance policyholders in Ontario.
- Individuals or entities purchasing life insurance policies through life settlements.
- Insurers.
- The Financial Services Commission of Ontario.
- The right of original policyholders to sell their policies under specific conditions.
- The right to cancel a life settlement agreement within 10 days of entering into it.
- The obligation of the Financial Services Commission of Ontario to provide oversight for consumer protection in life settlement transactions.
- The Act comes into force on a day to be named by proclamation of the Lieutenant Governor.
- The bill refers to 'prescribed requirements' for purchasers and sale agreements, as well as 'prescribed manner and form' for presenting agreements, which are not detailed within the bill text itself. These details would likely be specified in regulations.
- The specific nature of the 'related person' for joint policyholding is not defined within the bill, referencing the Income Tax Act (Canada) for this definition.
- The bill does not specify any financial limits or values associated with the life settlements.
This bill amends section 115 of the Insurance Act to create an exception to the general prohibition on trading life insurance policies, thereby authorizing life settlements under specific conditions.
Source: Section 1, subsections (2) to (4)
This bill amends section 121 of the Insurance Act to grant authority for prescribing details related to life settlements and to govern the oversight responsibilities of the Financial Services Commission of Ontario concerning these transactions.
Source: Section 2
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced