In a decision expected by tax pundits to set a precedent, the Quebec taxman partially lost a legal battle after the Court of Appeal held that coverage provided by a universal life insurance policy does not constitute income from property even though it is a benefit for the insured taxpayer.
Insurance
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Quebec financial watchdog warns consumers over P2P insurance
Stung by criticism that it has at times acted too late to stop unsound practices, Quebec’s financial watchdog recently warned consumers to be wary of peer-to-peer insurance offerings even though the digital sharing platform has yet to make a formal entrance in Canadian soil. -
Insurers risk hefty bill if they (erroneously) conclude they have no duty to defend
Insurance companies who conclude that they have no duty to defend an insurer facing an action, and by extension no obligation to indemnify, risk being surprised with a hefty bill, following a ruling by the Quebec Court of Appeal.
In a ruling that repeatedly hammers the distinction between a liability insurer’s duty to defend with its obligation to indemnify, the appeal court warns insurance companies that it cannot come to the hasty conclusion that it has no duty to indemnify simply because it has no duty to defend.
