Objective is to promote awareness and enhance transparency of the intervention framework for federally regulated life insurance companies
Capital rules may amplify distortions
Rule changes reflect observations made during ABCP disruption
Regulator enhances disclosure requirements
The Office of the Superintendent of Financial Institutions has published a draft advisory that gives insurance companies guidance on the recognition of hedges in terms of their segregated fund capital requirements.In the advisory, OSFI notes that it encourages companies with material segregated fund guarantee risk exposure to develop and implement plans for managing this risk, […]
Off-balance sheet vehicles can no longer be ingnored by regulators
The Office of the Superintendent of Financial Institutions (OSFI) has issued a notice concerning the adoption of International Financial Reporting Standards (IFRS) by federally regulated financial firms, noting that firms won’t be allowed to adopt the standards early, and that it will demand more disclosure on the issue.OSFI notes that the Canadian Accounting Standards Board […]
Regulator does not oversee firms that created non-bank ABCP: Dickson
More comparative reviews also planned
The Office of the Superintendent of Financial Institutions has published a proposed new framework for setting capital requirements in the insurance industry.In a letter to the industry, OSFI explains that a working group comprised of the Autorité des marchés financiers, OSFI and Assuris was formed to update the current solvency framework in anticipation of the […]