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ARTICLE · 07 NOVEMBER 2019

Reinsurance Review Update

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There has also been significant lobbying by the P&C industry with both OSFI as well as the Ministry of Finance.

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Brian Reeve
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Marisa Coggin
Marisa Coggin
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On October 28, 2019, the Office of the Superintendent of Financial Institutions Canada (OSFI) held its annual P&C risk management seminar in Toronto (the Seminar).

OSFI provided an update with respect to numerous initiatives impacting the property & casualty industry, including the status of the ongoing Reinsurance Review which began in June 2018 with the release of the Discussion Paper on the Reinsurance Framework (the Discussion Paper). As part of the Reinsurance Review, OSFI indicated its intention to introduce a rule to limit the size of policies provided by P&C federally regulated insurers (FRIs) in certain circumstances in OSFI Guideline B-2 – Large Exposure Limits (Guideline B-2). The proposed rule would restrict the maximum policy limit that a P&C FRI could issue depending upon its capital level and excess collateral, as well as the diversity of its reinsurance counterparties and would require the FRI to meet certain stress testing scenarios. The proposed

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