Keyword
Office of the Superintendent of Financial Institutions
OSFI publishes draft 2018 version of Minimum Capital Test for federally regulated P&C insurers
June 15, 2017 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) on Thursday published the draft 2018 version of its Minimum Capital Test (MCT) for federally regulated P&C insurers. The revised guideline, which will be effective Jan. 1, 2018, provides clarification with…
Relying on government to solve “big shake” problem courts continued procrastination: Tannas
May 25, 2017 by Angela StelmakowichThe potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”…
PACICC to participate in federal government’s review of insolvency legislation next year
April 18, 2017 Jason Contant, Online EditorThe Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a century. The Winding-up…
Charting a New Course
March 1, 2017 Brian Reeve, Partner, Cassels Brock & Blackwell LLPThe regulatory regime for reinsurance has become more ambiguous and complicated in Canada. The federal regulator needs to chart a course that strikes a balance between the protection of Canadian policyholders and ensuring a competitive insurance market exists in Canada capable of operating in
Court appoints committees to represent Economical mutual and non-mutual policyholders
February 24, 2017 by Canadian UnderwriterAn Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing…
Risk and Disruption
January 2, 2017 Angela Stelmakowich, Editor; and Jason Contant, Online EditorThe threat of extortion-driven cyber attacks is “a massive issue now” for insurance companies, while insurers’ own risk and solvency assessments have been “quite well done,” speakers told attendees of KPMG’s recent insurance issues conference.
Sustainability in insurance gaining steam: KPMG speaker
December 9, 2016 Jason Contant, Online EditorAlthough the issue of sustainability in insurance is a relatively new concept in Canada, it is one that is gaining ground throughout the world, a speaker said on Wednesday at KPMG’s 25th Annual Insurance Conference. Houston Cheng, consulting actuary and…
Insurance industry needs more focus on the long-term, OSFI’s Henderson suggests at KPMG conference
December 8, 2016 Jason Contant, Online EditorThe insurance industry as a whole needs to focus more on long-term issues, Neville Henderson, the assistant superintendent of the insurance supervision sector of the Office of the Superintendent of Financial Institutions (OSFI), suggested on Wednesday. Speaking at KPMG’s 25th…
Canadian P&C industry combined ratio improves to 96% in 2015 from 99% in 2014
October 7, 2016 by Canadian UnderwriterThe property and casualty insurance industry in Canada reported an aggregated combined ratio of 96% in 2015, a three-point improvement from 99% in the previous year, driven by fewer severe weather and catastrophe events, the Office of the Superintendent of…
C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes
August 3, 2016 by Canadian UnderwriterA former federal Superintendent of Financial Institutions is calling for a last-resort federal emergency backstop arrangement for P&C insurers to minimize the systemic financial impact resulting from a “catastrophic and likely uninsurable natural disaster,” such as earthquake. “A federal emergency…
Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC
April 22, 2016 by Angela StelmakowichA catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General…