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ARTICLE · 21 NOVEMBER 2013

OSFI Revises Related Party Reinsurance Regime

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When a federally regulated insurer ("FRI") wishes to enter into a reinsurance arrangement with a related party reinsurer that is not also a FRI (such related party being a "Related Reinsurer"), the Insurance Companies Act ("ICA") provides that the prior approval of the Superintendent of Financial Institutions (the "Superintendent") is required. Currently, such approvals are granted on an individual basis with respect to each reinsurance arrangement, and the information requirements for an approv

CanadaInsurance
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Nilanka Maldeniya
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Erin Brady
Richard Da Costa
Richard Da Costa
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Miho Felicio
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Gordon Goodman
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When a federally regulated insurer ("FRI") wishes to enter into a reinsurance arrangement with a related party reinsurer that is not also a FRI (such related party being a "Related Reinsurer"), the Insurance Companies Act ("ICA") provides that the prior approval of the Superintendent of Financial Institutions (the "Superintendent") is required. Currently, such approvals are granted on an individual basis with respect to each reinsurance arrangement, and the information requirements for an approval are set out in OSFI's Transaction Instructions DA No. 21 Reinsurance with Related Unregistered Reinsurer (the "Transaction Instructions"). However, on November 8, 2013, the Office of the Superintendent of Financial Institutions Canada ("OSFI") issued a Memorandum advising that it is revising its approach for approval of reinsurance with a related party.

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