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Canada: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2014: Issue 072
Language:
English
Publication Date:
07 Mar 2014
DOI:
https://doi.org/10.5089/9781475523652.002
ISBN:
9781475523652
ISSN:
1934-7685
Pages:
147
Keywords:
ISCR; CR; holding company; risk management; insurance group; mortgage insurance; corporate governance; life insurance; insurance coverage; automobile insurance; line of business; Insurance companies; Insurance; Corporate governance; Legal support in revenue administration; Capital adequacy requirements; Global; Europe; Asia and Pacific
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This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada’s regulatory regime and supervisory practices against the international standards. The IMF report suggests that the Office of the Superintendent of Financial Institutions (OSFI) should be empowered to take supervisory measures at the level of the holding company. It highlights that while OSFI requires Federally Regulated Insurers (FRI) FRIs to develop internal capital targets, requirements to develop an Own Risk and Solvency Assessment are scheduled to be implemented in 2014.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund