Changes to the Corporations Act and Insurance Act implementing a prudent portfolio investment approach for Ontario-incorporated insurers, reciprocals and fraternal societies came into force on May 5, 2008. The changes provide these insurers with expanded investment powers, new related party rules and ancillary corporate governance requirements.
New and amended regulations integral to the changes have been made by the government. The new rules apply on May 5, 2012. Insurers may choose to have the new rules apply to it at any time before May 5, 2012, by giving written notice to the Superintendent 30 days in advance of its proposed change-over date.