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ARTICLE · 20 NOVEMBER 2013

Change In OSFI's Approval Requirements For Reinsurance With A Related Unregistered Reinsurer

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The Office of the Superintendent of Financial Institutions ("OSFI") has released a memorandum (the "Memorandum") advising of upcoming changes to the process for obtaining approval of unregistered related party reinsurance between a federally regulated insurer (an "FRI") and a related party that is not an FRI.

CanadaInsurance
Crawford Spratt
Crawford Spratt
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The Office of the Superintendent of Financial Institutions ("OSFI") has released a memorandum (the "Memorandum") advising of upcoming changes to the process for obtaining approval of unregistered related party reinsurance between a federally regulated insurer (an "FRI") and a related party that is not an FRI.

Under the Insurance Companies Act, such reinsurance arrangements are only permitted with the approval of the Superintendent of Financial Institutions (the "Superintendent"). There is also a requirement that such an arrangement be on terms at least as favourable to the FRI as market terms and conditions. This latter requirement will not change.

OSFI's current practice is to require that FRIs obtain the Superintendent's approval for each reinsurance arrangement, even if the Superintendent has previously approved a reinsurance arrangement with that related unregistered reinsurer. After January 1, 2014, the Superintendent's approval generally will be granted in

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