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ARTICLE · 29 APRIL 2014

OSFI Issues New Draft Guideline On Residential Mortgage Insurance

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On April 14 2014 the Office of the Superintendent of Financial Institutions Canada (OSFI) released for consultation Draft Guideline B-21 Residential Mortgage Insurance Underwriting Practices and Procedures.

CanadaInsurance
Carol Lyons
Carol Lyons
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Introduction

On April 14 2014 the Office of the Superintendent of Financial Institutions Canada (OSFI) released for consultation Draft Guideline B-21 Residential Mortgage Insurance Underwriting Practices and Procedures. Once finalised, the draft guideline will apply to all federally regulated insurers that are governed by the Insurance Companies Act and provide insurance for residential mortgage loans in Canada, and/or reinsurance for such insured loans.1 The draft guideline sets out OSFI's prudential expectations for residential mortgage insurance underwriting and related activities in the form of six fundamental principles; it also outlines increased disclosure obligations on insurers issuing such insurance.

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