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ARTICLE · 18 FEBRUARY 2022

OSFI Releases Final Updated Reinsurance Guidance To Take Effect In 2025

Stikeman Elliott LLP
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On February 11, 2022, Canada's federal prudential insurance regulator, the Office of the Superintendent of Financial Institutions ("OSFI")

CanadaInsurance
Stuart Carruthers
Stuart Carruthers
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On February 11, 2022, Canada's federal prudential insurance regulator, the Office of the Superintendent of Financial Institutions ("OSFI") released long-awaited final versions of its key reinsurance guidance, Guideline B-3: Sound Reinsurance Practices and Procedures ("B-3"), and, for property and casualty ("P&C") insurers, Guideline B-2: Property and Casualty Large Insurance Exposures and Investment Concentration ("B-2"). This concluded Phase II of OSFI's review of reinsurance practices, launched in 2018 through its Reinsurance Framework Discussion Paper, and which was followed by a lengthy and intensive consultation with the Canadian P&C insurance sector. Our commentary on the Reinsurance Framework Discussion Paper and our commentary on the draft updated B-3 released in 2019 provide useful background on the process.

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