This article first appeared in French in the Winter 2020 edition of the Copropriété Plus magazine.
Did you know that several sections of the Civil Code of Québec concerning the insurance of divided co-ownerships have recently been amended or will soon be amended?
On June 13, the Québec National Assembly adopted the Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (hereinafter “Bill 141”) aimed at reforming the laws governing the financial sector. Some of the provisions regarding insurance for divided co-ownerships came into effect on July 13, 2018, while others will be phased in gradually. Bill 141 also provides for the adoption of regulations by the government to implement some of these new measures regarding divided co-ownership insurance.