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Canada | Publication | November 2019
We have recently reviewed redacted correspondence from the BCFSA (BC Financial Services Authority, formerly FICOM), the regulator of the Insurance Act, to a registered charity in British Columbia that advises that:
The letter goes on to direct that information be added to the charity’s website regarding the inability of BC residents to donate life insurance policies.
Certainly this is a matter of grave concern for charities and advisors, as gifts of life insurance policies are routinely considered in gift and estate planning discussions. We are aware that a number of organizations are reviewing the matter and considering submissions to the BCFSA on the issue. However, at the present time, charities should be aware of and consider the BCFSA’s position. At this time, we recommend charities in British Columbia remove information regarding donations of life insurance policies from their websites and suspend any discussions with potential donors of life insurance policies until more information is forthcoming.
Nina Varumo is a freelance portrait and documentary photographer based in Stockholm. A recent project of hers Kvinnor till sjöss (‘Women at sea’) is on ongoing photo series highlighting the working life of female seafarers in order to change the stereotypical image of what and who is a seafarer.
Companies have been publicly reporting on their financial performance for over a hundred years. However, they are increasingly having to make public non-financial disclosures relating to sustainability and environmental, social and governance (ESG) matters as a result of rules, laws and regulations issued by stock exchanges, governments and regulators worldwide.
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