Better late than never, the Third Party (Rights Against Insurers) Act of 2010 finally came into force in an amended form on 1 August 2016. It applies across the UK, with minor variances between Scotland and England and Wales. The Act updates third party creditors’ rights against insurers under the 1930 Act of the same name, permitting a streamlined and more cost-efficient procedure for creditors’ claims against insurers in circumstances where the insured company/ individual which took out the liability insurance has suffered an insolvency event.

Historic Position

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act).