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OSFI

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Why Marsh is optimistic about the cyber market

July 27, 2022 by Alyssa DiSabatino

Global brokerage Marsh is cautiously optimistic cyber’s hard market will eventually stabilize and insurers will soon be able to reward clients who have strong cyber controls with lower increases. “Market conditions are expected to remain challenging for the foreseeable future

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News InsuranceLegislation / RegulationRisk

OSFI posts new guidance on climate risk stress testing

May 26, 2022 by Alyssa DiSabatino

The Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to

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News Climate Change

How reinsurers are helping banks to assess their climate risk

February 24, 2022 by Alyssa DiSabatino

After Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he

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News CatastrophesInsuranceLegislation / RegulationReinsurance

OSFI softens stance in new reinsurance guidelines

February 14, 2022 by David Gambrill

OSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised

News Insurance

Regulatory changes to foreign entities operating in Canada

November 10, 2021 by Jason Contant

Foreign entities operating in Canada through a branch will now have to notify the federal regulator of any potential changes to branch management “as well as any circumstances that could negatively impact their suitability,” attendees to a virtual industry event

News Insurance

Where the industry stands with OSFI’s redrafted reinsurance rules

November 4, 2021 by Jason Contant

When the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada

News Insurance

Regulator expects more frequent volatility in financial sector

September 30, 2021 Ian Bickis - THE CANADIAN PRESS

TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I

News ClaimsClaims CanadaInsurance

How much Canadian insurers have lost on cyber liability so far in 2021

August 31, 2021 by Greg Meckbach

Private passenger personal accident insurers have experienced a loss ratio of nearly 70% so far in 2021, while the loss ratio for cyber liability is more than 100%. The federal Office of the Superintendent of Financial Institutions has posted the

News Insurance

Where insurers stand on OSFI’s reinsurance rules

April 28, 2021 by Jason Contant

Although proposed draft reinsurance rules from the federal solvency regulator have not been finalized, the president and CEO of Insurance Bureau of Canada (IBC) is indicating that the regulator and Canadian P&C insurers may be bridging the gap. “I take

News Insurance

Bank and insurer dividend hikes, share buybacks won’t return during lockdown: OSFI

January 11, 2021 The Canadian Press

TORONTO – The superintendent of one of Canada’s financial regulators won’t consider allowing banks and insurers to hike dividends, offer share buybacks or increase executive compensation until COVID-19 lockdowns have subsided. Jeremy Rudin from the Office of the Superintendent of

News Insurance

Bank of Canada and OSFI team up for pilot project on climate change risk

November 18, 2020 Jordan Press - THE CANADIAN PRESS

OTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech

News InsuranceLegislation / RegulationReinsurance

What the new reinsurance rules could look like for Canada

February 27, 2020 by Greg Meckbach

Canada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been