OSFI Updates: ORSA And Life Insurance Regulatory Framework

Following public consultation, the Office of the Superintendent of Financial Institutions (OSFI) recently published the final versions of new Guideline E-19: Own Risk and Solvency Assessment and amended Guideline A-4: Regulatory Capital and Internal Capital Targets (the Guidelines). Both Guidelines have an implementation date of January 1, 2014, and require action in the first quarter of the New Year. In this bulletin, we set out what federally regulated insurers need to know about these Guidelines, as well as some of their history.

OSFI also recently provided an update on the progress it is making on implementing the Life Insurance Regulatory Framework published in September 2012, including revised timelines. The update is summarized below.