Insurance Companies

China Insurance Building

CRSTL helps insurance companies (and reinsurers) comply with the laws, regulations and guidelines that govern their businesses in Canada. Our solutions include the requirements under the Insurance Companies Act and corresponding regulations, the guidelines, advisories and bulletins issued by the Office of the Superintendent of Financial Institutions ("OSFI"), and provincial and territorial legislation governing market conduct for insurance companies.

Our databases for all insurers include:

Legislation

  • Insurance Companies Act and Regulations
  • Financial Consumer Agency of Canada Act and Regulations
  • Office of the Superintendent of Financial Institutions Act and Regulations
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Guidelines

  • OSFI Guideline B-1 - Prudent Person Approach
  • OSFI Guideline B-3 - Sound Reinsurance Practices and Procedures
  • OSFI Guideline B-4 - Securities Lending
  • OSFI Guideline B-5 - Asset Securitization
  • OSFI Guideline B-7 - Derivatives Best Practices
  • OSFI Guideline B-10 - Outsourcing of Business Activities, Functions and Processes
  • OSFI Guideline C-1 - Impairment - Sound Credit Risk Assessment and Valuation of Financial Instruments at Amortized Cost
  • OSFI Guideline C-5 - Collective Allowances - Sound Credit Risk Assessment and Valuation of Financial Instruments at Amortized Cost
  • OSFI Guideline D-6 - Derivatives Disclosure
  • OSFI Guideline D-10 - Accounting for Financial Instruments Designated as Fair Value Option
  • Corporate Governance Guideline
  • OSFI Guideline E-10 - Use of Depositories by Insurance Companies
  • OSFI Guideline E-13 - Legislative Compliance Management (LCM) Guideline
  • OSFI Guideline E-15 - Appointed Actuary - Legal Requirements, Qualifications and External Review
  • OSFI Guideline E-17 - Background Checks on Directors and Senior Management of FREs
  • OSFI Guideline E-18 - Stress Testing

P&C Insurance Companies

All insurance companies are governed by federal solvency, prudential and accounting standards, and by provincial market conduct requirements. Property and casualty insurers, however, have additional requirements in respect of specific insurance lines, such as fire, auto, and marine insurance.

In addition to the legislation and guidance included for all insurance companies, our databases for property and casualty insurance companies include:

Guidelines

  • OSFI Guideline B-2 - Investment Concentration Limit
  • OSFI Guideline B-9 - Earthquake Exposure Sound Practices
  • OSFI Guideline D-1B - Annual Disclosures
  • OSFI Guideline D-5 - Accounting for Structured Settlements

Life Insurance Companies

All insurance companies are governed by federal solvency, prudential and accounting standards, and by provincial market conduct requirements. Life insurers, however, have additional requirements in respect of specific product lines, including the issuance and maintenance of segregated funds, participating policies, and adjustable policies, and governance requirements in respect of participating policyholders.

In addition to the legislation and guidance included for all insurance companies, our databases for life insurance companies include:

Guidelines

  • OSFI Guideline B-2 - Large Exposure Limits
  • OSFI Guideline E-2 - Commercial Lending Criteria
  • OSFI Guideline D-1A - Annual Disclosures
  • OSFI Guideline D-9 - Source of Earnings Disclosure
  • OSFI Guideline E-5 - Retention/Destruction of Records
  • OSFI Guideline E-12 - Inter-segment Notes for Life Insurance Companies
  • OSFI Guideline E-14 - Role of the Independent Actuary
  • OSFI Guideline E-16 - Participating Account Management and Disclosure to Participating Policyholders and Adjustable Policyholders.

Reinsurance

Reinsurance companies may reinsure, but not otherwise insure, a risk falling within a class of insurance for which they have been authorized to carry on business. While reinsurance companies are governed by the same legislative and regulatory framework as insurers, companies that do not deal with individuals or small businesses are relieved of the consumer protection provisions of the Insurance Companies Act subject to regulatory oversight by the Financial Consumer Agency of Canada ("FCAC"), including those relating to complaints procedures and public accountability statements.

To see the cost benefits of using CRSTL's legal databases and workflow solution, take a moment to calculate your Return On Investment with our ROI Calculator.

Contact Us

By phone:
1.416.839.7918
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