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News BrokersInsuranceLegislation / RegulationRisk

How OSFI wants P&C insurers to manage their third-party risks

May 8, 2023 by David Gambrill

Canada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party

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News InsuranceLegislation / Regulation

More ways IFRS 17 can make for wonky reporting

March 29, 2023 Philip Porado

In the face of IFRS 17 reporting requirements, insurers should prioritize stabilizing and managing their balance sheets, noted a panellist during a recent Canadian Insurance Accountants Association (CIAA) webinar. They also should strive to ensure the company’s assets and liabilities

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News BrokersInsuranceLegalLegislation / RegulationRisk

What the industry says about regulator’s draft corporate culture guidance

March 7, 2023 David Gambrill

Canada’s solvency regulator has refined its proposed guidance on corporate culture for P&C insurers, and it’s now consulting with the industry about its expectations. The Office of the Superintendent of Financial Institutions (OSFI) was scheduled to have a technical briefing

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News Earnings / RatingsInsuranceLegalLegislation / Regulation

Will IFRS 17 make insurers’ results harder to compare?

January 25, 2023 Philip Porado

At best, it will be difficult to make initial comparisons to insurers’ IFRS 17 results, due to differences between companies’ approaches under the new accounting standard, said a report this week from Fitch Ratings. A stated objective of the insurance

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News ClaimsCommercial LinesInsurance

Claims denials on their way down, regulator reports

January 23, 2023 by David Gambrill

Claims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For

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News InsuranceLegislation / RegulationMarkets / CoveragesProductsRiskTechnology

Predictions for regulation in cyber market

October 14, 2022 by Alyssa DiSabatino

Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar.  “We think governments and regulators

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News BrokersInsuranceLegalLegislation / RegulationReinsuranceRisk

OSFI’s third-party guidance to include insurer-broker contracts

October 12, 2022 by David Gambrill

Canada’s solvency regulator is preparing guidance that legal experts say will shift the scope of the regulator’s concerns about outsourcing data and technology to a much broader inquiry about insurers’ arrangements with third parties generally — including with broker partners.

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News InsuranceLegalLegislation / RegulationRisk

Regulating business culture. A “solution in search of a problem?”

October 4, 2022 by David Gambrill

In what lawyers are calling a “solution in search of a problem,” Canada’s solvency regulator is seeking input from the Canadian property and casualty insurance industry on how to regulate business culture. “I feel like this culture conversation in Canada

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News Climate ChangeInsuranceLegislation / Regulation

Global climate disclosure standards will take time and money, P&C industry warned

September 22, 2022 by David Gambrill

Canada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with

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News InsuranceLegislation / RegulationRisk

How OSFI proposes to regulate the P&C industry’s cryptocurrency risk

August 22, 2022 by David Gambrill

Canada’s solvency regulator is seeking comment on its proposed approach for regulating P&C insurers’ cryptocurrency risk exposure. In a proposed advisory to take effect in 2023 Q2, the Office of the Superintendent of Financial Institutions (OSFI) defines and categorizes two

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News InsuranceLegislation / RegulationReinsurance

OSFI’s capital guidelines include new 2.5% charge for risk-sharing pools

August 9, 2022 by David Gambrill

Canada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The

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News ClaimsClaims CanadaInsuranceLegal

Aviva’s Project Bumper: Car repairers lose challenge to FSRA’s cease and desist order

August 5, 2022 by David Gambrill

Correction and Clarification Notice: The following article has been updated to correct errors contained in the originally published version of this story. First and foremost, FSCO’s proposed cease and desist order was not in effect at the time the Wardas