Bill 141: its implementation predicated upon regulations

September 9, 2018 - The Ministère des finances is embarking on an important milestone in the implementation of Bill 141, which introduces several legislative amendments to co-ownership insurance. In fact, to be really in force, it will require the adoption of several regulations. This will allow better defining its impact, by the means of a broad consultation that has recently been launched.

Bill 141 provides, without limitation, for the creation of a compulsory self-insurance fund within all syndicates of co-owners, so that they will be capable of paying the deductible imposed by their insurance company in the event of a claim following a loss.

The new legislation will also create rules to simplify the management of losses, "in particular by clarifying the responsibilities of the syndicate, of the co-owners and of their respective insurers, as well as the rights of recourse between them," said a press release put online on September 7th by the Ministère.

The press release also states "Conscious of the impact that the decisions that will be made will have on individuals, contractors and the insurance industry, the Ministry seeks the opinion of the various stakeholders, before submitting a first version of the said regulations",

All stakeholders interested will be able to submit their comments by responding to a consultation document available on its website. These observations must be sent in writing, by November 2, 2018, to the email address: consulationassurances@finances.gouv.qc.ca.

It should be noted that the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill 141) created a series of amendments to the Civil Code of Québec ( sections 598.1 to 598.17), to update co-ownership insurance law .

Montréal, September 9, 2018

By François G. Cellier for Condolegal.com