EN :

We are pleased to publish a general overview and some reflections on the orientation of the insurance industry by the lnspector General of Financial Institutions. This article focuses on the Quebec reform of financial institutions and on the regulatory role and responsabilities of the Inspector General. It also highlights the characteristics of the Quebec insurance industry such as deregulation, market statistics and new trends, the challenges of the global market and the emergence of new conglomerates in the final decade of this century.

FR :

Nous remercions notre collaborateur Mr. Christopher J. Robey qui, selon une tradition bien établie, présente annuellement aux lecteurs de la Revue, les résultats de l’assurance générale au Canada. Son étude nous donne une vue globale et détaillée des résultats pour l’année 1991. Il démontre que dans l’ensemble les résultats sont similaires à ceux de l’année 1990, notamment en ce qui a trait au rapport sinistres à primes. Selon Mr. Robey, le signal d’une reprise en assurance sera donné par la reprise économique dans l’ensemble des secteurs. Dans la prochaine parution, l’auteur analysera les résultats provinciaux et ceux de la réassurance.

EN :

The new federal insurance legislation, which received his Royal Assent last December, and is expected to come into force this spring, will replace the Canadian Insurance and British Insurance Companies Act and the Foreign Insurance Companies Act. The author, Claude Gingras, analyzes the new set of rules contained in the new legislation governing the political rights of policyholders such as the right to receive notice of a meeting of shareholders, the vote by means of a proxy and the right to submit proposals. Mr. Gingras comes to the conclusion that such political rights seem to be privileges, are not equivalent to those of shareholders and contain significant loopholes.

EN :

Over the past sixteen years, various aspects of the articles of the Civil Code of Québec dealing with insurance, have been scrutinized by our Courts. M^e Faribault has selected a few cases which, for better or for worse, seem to have caught the eye of our lawmakers and prompted other changes in this field, which came into effect when the new Civil Code of Quebec was enacted fast December.

EN :

Deregulation is the outcome of the unification of the industry throughout Europe. Insurance companies have been slow to react to the sweeping change we are witnessing. This is partly owing to the legislation in force in each of the member countries. But, with the emergence of a single European market, the situation is beginning to change. According to the author, Nigel J. Sedgewick, insurers, while remaining competitive, should adopt a more offensive stance by not only gaining more control over general expenses, but also by broadening their range of products to include caps, floors, swaps and others.

EN :

The author examines recent decisions in assurance Law, specifically the american rule of reasonable expectations of the insured which is applied as an aid to the interpretation of ambiguous contractual terms. This rule of intepretation has been formally applied for the first time in Quebec by the Supreme Court. The author considers that such a rule is a corollary to the principle that contractual ambiguities in a contract of adhesion are to be resolved against the insurer. ln the author's opinion, it would be necessary to clarify this rule in the Civil Code. A basic principle that governs the interpretation of a policy is that it should be construed to give effect to the mutual intend of the parties to the contract which could limit the insured's desires.

FR :

Notre collaborateur de longue date, Mr. Christopher Robey, passe en revue certains problèmes et certaines tendences reliés au domaine de la réassurance. Pour commencer, il examine les marchés; d’abord celui de Lloyd’s, ensuite le marché d’exécent de sinistres de Londres (LMX Market) puis le marché canadien. Ces observations se portent ensuite sur les problèmes de baisse de capacité, les nouvelles orientations et la fraude. Dans sa contusion, Mr. Robey démontre qu’il est grand temps pour l’industrie de la réassurance d’innover et d’envisager de nouveaux défis.

EN :

No one today will dispute the key role accounting plays in management. Accounting is in fact one of the essential tools managers use each day to accomplish their task. lt is however, not as easy to appreciate the extent to which this discipline has been shaped and influenced by social factors. Basing himself on the premise that accounting does not exist in a vacuum, the author examines this activity from the Middle Ages to the Modern era to show how it has evolved and continues to evolve in response to social, economic and political change. This text was the basis of a presentation made at an international seminar on new trends in management held in June 1986 at l’École des Hautes Études Commerciales in Montréal.

EN :

The phenomenon of "Bancassurance", meaning the merging of the banking and insurance industries, has become more widespread since the emergence of the single European market. The author briefly discusses the new relationships between financial institutions in Canada, the United States, Western Europe and Asia. As we approach the 21^st century, ties between banks and insurers have never been as close. Some experts predict that the globalization of insurance may ultimately and irreversibly bring down financial barriers. On the other hand, others do not hesitate to criticize the new phenomenon and claim that combining the risk of each financial institution into a single conglomerate risk will increase the public's risk and dangerously disperse the capital base that sustains it. The debate has yet to be settled.

FR :

Le but de cet article est d’examiner les plus récents développements en matière d’assurance construction. Une couverture globale et adaptée aux besoins exige les efforts et la maîtrise de différentes disciplines, notamment dans les domaines juridique et technique. L’auteur tente de démontrer comment le milieu de l’assurance peut répondre aux problèmes les plus particularisés par une analyse exhaustive des principales clauses et conditions en vertu de l’assurance des biens et de l’assurance des responsabilités. La deuxième partie de cet article a été publiée dans le numéro précédent.