Canadian Underwriter

Keyword
OSFI

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

News ClaimsCommercial LinesInsuranceMarkets / Coverages

One positive trend in the P&C industry’s third-quarter results

November 28, 2019 by David Gambrill

Canada’s federally-regulated property and casualty insurers appear to be getting a handle on their property lines claims ratios, although auto lines are still in trouble, according to third-quarter industry results released by the country’s solvency regulator, the Office of the

News InsuranceReinsuranceRisk

$30-billion sticker shock for OSFI’s proposed reinsurance rules

September 24, 2019 by David Gambrill

Canada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On

News InsuranceLegislation / RegulationTechnology

OSFI provides guidance on reporting cyber incidents

February 12, 2019 by Jason Contant

Months after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an

News ClaimsInsuranceMarkets / Coverages

Is the sun setting on auto insurance in Canada?

June 20, 2018 by David Gambrill

Is the sun setting on auto insurance as a dominant line of business in Canada? Property lines premium is catching up to auto insurance premiums, causing many to predict that auto insurance will recede in the rearview mirror over the

News ClaimsEarnings / RatingsInsuranceMarkets / Coverages

Ugly trend in auto claims so far this year: OSFI data

May 30, 2018 by David Gambrill

Federally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator.

News InsuranceLegal

Economical’s demutualization fraught with uncertainty

May 8, 2018 by Greg Meckbach

It’s been more than two years since Economical Insurance’s mutual policyholders voted in favour of demutualization and it’s not clear how much longer the process will take – assuming it happens at all. “This process was much more complex and

News InsuranceLegislation / Regulation

Economical policyholders reach demutualization agreement in principle

February 9, 2018 by Greg Meckbach

Economical Insurance appears to be a step closer to demutualization, but a conversion proposal has been held over until June 30, Economical said Thursday. A proposal to convert Waterloo, Ont.-based Economical to a stock company was originally due to the

News InsuranceLegislation / RegulationMarkets / Coverages

Who owns the surplus if a mutual company demutualizes?

January 9, 2018 by Jason Contant

In the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion. “The Insurance Companies Act and associated

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Catastrophes likely to have “muted” effect on Canadian reinsurance pricing

December 4, 2017 Jason Contant, Online Editor

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including