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ARTICLE · 13 JANUARY 2022

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2021 – Year In Review In Insurance

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

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In 2021 there were numerous changes to regulation of the insurance sector in Canada, both in response to COVID-19 and in keeping with regulators' long-term plans.

CanadaInsurance
Nancy J Carroll
Nancy J Carroll
Hartley Lefton
Hartley Lefton
Daanish Pasricha
Daanish Pasricha
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In 2021 there were numerous changes to regulation of the insurance sector in Canada, both in response to COVID-19 and in keeping with regulators' long-term plans. There were also global ESG-related initiatives in the insurance sector, which Canada took part in. This article provides a recap of some of the major changes that were made to regulation of insurers in Canada in 2021 and highlights some matters that insurers and other industry participants should watch in 2022.

  1. REGULATORY CHANGES

OSFI Released Final Guideline Applicable to Foreign Banks and Insurers in Canada

On June 28, 2021, Canada's Office of the Superintendent of Financial Institutions ("OSFI") released its final version of Guideline E-4, Foreign Entities Operating in Canada on a Branch Basis ("Guideline E-4").  Guideline E-4 replaces previous OSFI guidelines E-4A Role of the Chief Agent and Record Keeping Requirements (applicable to foreign insurers) and E-4B Role of the Principal Officer

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