Rumoured delay of P&C demutualization regs just government trying to “get it right”

The delivery of demutualization regulations is not delayed, per se, so much as the Department of Finance is taking its time to ensure it “gets it right,” said David A. Crozier, The Economical Insurance Group’s senior vice president of operations.
Crozier spoke about The Economical’s path to demutualization during the Insurance Institute’s At the Forefront Breakfast in Toronto on Nov. 30.
“The rumour of delay in regulations I believe is just the government moving at the speed of government,” he said. “Regulations need to be thoughtful. They need to be carefully considered, because they are going to become the road map for any demutualization for regulated P&C companies in Canada. Once they are in place, they want to have gotten them right.”
Industry anticipated the federal Department of Finance to publish a set of draft regulations for demutualization by the end of 2011, but it appears that date will likely be in early 2012, he continued.
“As the government said, it does not have a delay as such as it does not have a timetable. It wants to get it right, not just get it quickly.”