Recent Insurance Regulatory Updates In Canada As Of Spring 2026

This overview highlights recent federal and provincial insurance regulatory developments including OSFI’s evolving prudential guidance, CCIR’s distribution channel supervision priorities, British Columbia’s proposed restricted licensing framework for incidental sales, and Québec’s AMF compliance expectations. Insurers and affected insurance intermediaries will want to consider implementation timelines, control frameworks, and areas where policy, contracting and oversight practices may need to be refreshed.

OSFI: Consultation on a new Credit Risk Management Guideline

At the federal level, OSFI launched a consultation on Jan. 29, 2026, on a new Credit Risk Management Guideline that would apply to banks, trust and loan companies, life insurers, and P&C insurers. The project  is intended to consolidate and modernize existing  credit-risk expectations, including in areas such as real estate secured lending, wholesale credit, non-bank financial intermediation, and counterparty credit