On October 11, 2011, Canada’s Minister of State (Finance) officially announced the publication of the Regulations Amending the Insurance Business (Banks and Bank Holding Companies) Regulations (New Bank Regulations). As predicted by many observers and as outlined in previous articles E-TIPS® articles, the federal government has now confirmed that although Canada’s large, integrated chartered banks may continue to operate their insurance businesses, not only must they do so from separate, bricks-and-mortar offices, they must also use web sites that are separate from their banking services web sites. At the foot of the online text of the New Bank Regulations, the reader will also find a Regulatory Impact Analysis Statement which indicates in more detail how the federal government expects the New Bank Regulations to be implemented. In two closely related business sectors, trust and loan companies and co-operative credit associations, analogous Regulations have also been enacted to accomplish similar goals of separation of online and bricks-and-mortar businesses. Summary by: Richard Potter

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