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ARTICLE · 25 APRIL 2014

IMF Financial Sector Stability Assessment May Give Rise To Changes In Insurance Regulation In Canada

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The International Monetary Fund recently released its Financial System Stability Assessment for Canada.

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Article by Carol Lyons and Jared Grossman, Student-at-Law

The International Monetary Fund (the "IMF") recently released its Financial System Stability Assessment (the "Assessment") for Canada. The Assessment is released in accordance with the IMF's Financial Sector Assessment Program.

In 2010, the IMF mandated that stability assessments be conducted regularly for nations deemed to have "systemically important financial sectors", as part of bilateral surveillance under Article IV of the Articles of Agreement of the IMF.1 An assessment must be conducted every five years in which the stability of a country's financial system is evaluated and suggestions for improvement are provided.2 Canada is deemed to have a systemically important financial sector by the IMF and the importance of its financial sector was ranked ninth in the World in 2010.3 This ranking is based on the weighted average of a country's financial sector size and interconnectedness to other

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