The Ministry of Government and Consumer Services has just provided an update with respect to the proposed amendments to section 105 of the Act. The Ministry has confirmed that there are no plans for the amendments to section 105 of the Act (the insurance deductible section) to come into force with the first phase of proposed regulations coming into force (anticipated to be July 1).
While the impact of the amendments to section 105 remains uncertain (including confirmation that existing insurance deductible by-laws will be grandfathered), what we now know is that corporations will not have to race against the clock to pass insurance deductible by-laws before July 1.
Stay tuned for further updates.
