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ARTICLE · 08 JANUARY 2016

Property & Casualty Insurance Company Conversion Update: OSFI Publishes Application Guide To Clarify Regulatory Requirements

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On December 29, 2015, the Office of the Superintendent of Financial Institutions issued a Guide for the Demutualization of Mutual Property and Casualty Insurance Companies with Non-mutual Policyholders.

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Jared Puterman
Jared Puterman
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Sean McGurran
Miho Felicio
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Gordon Goodman
Gordon Goodman
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Laurie LaPalme
Brian Reeve
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On December 29, 2015, the Office of the Superintendent of Financial Institutions (OSFI) issued a Guide for the Demutualization of Mutual Property and Casualty Insurance Companies with Non-mutual Policyholders (the Guide). The Guide clarifies how OSFI plans to oversee and regulate the conversion of federally regulated mutual property and casualty insurance companies that have both mutual and non-mutual policyholders (MPCCs), a process called demutualization.

Background on the Demutualization Process

The Mutual Property and Casualty Insurance Company with Non-mutual Policyholders Conversion Regulations (MPCC Regulations), which came into force on July 1, 2015, set out the process for dual structure demutualization:

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