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ARTICLE · 07 MARCH 2013

OSFI Finalizes Earthquake Exposure Sound Practices

Cassels
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Last week we issued an e-lert commenting on the key principles set out in the draft Guideline published in August 2012.

CanadaInsurance
Nilanka Maldeniya
Nilanka Maldeniya
Erin Brady
Erin Brady
Richard Da Costa
Richard Da Costa
Miho Felicio
Miho Felicio
Gordon Goodman
Gordon Goodman
Laurie LaPalme
Laurie LaPalme
Brian Reeve
Brian Reeve
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On February 28, 2013, the Office of the Superintendent of Financial Institutions ("OSFI") released the final version of its revised Guideline B-9 Earthquake Exposure Sound Practices (the "Guideline") which will impact property and casualty insurance companies in Canada.

Last week we issued an e-lert commenting on the key principles set out in the draft Guideline published in August 2012 (the "Draft Guideline"). However, in response to submissions received from industry associations and insurance companies during the consultation period, the Draft Guideline has been revised to address certain concerns highlighted by these stakeholders. The key differences between the Draft Guideline and the Guideline are discussed below.

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