The Office of the Chief Actuary announced the composition of a panel of actuaries to review the 31st Actuarial Report on the Canada Pension Plan (CPP). The panel members include Stephen Butterfield, Michel St-Germain and Jill Wagman. The tabling of the Actuarial Report on the CPP is expected to take place before December 31, 2022. Call 343-550-9373.
The Office of the Superintendent of Financial Institutions (OSFI) released the final insurance capital guidelines that are updated to reflect implementation of International Financial Reporting Standards 17 (IFRS 17) – Insurance Contracts in January 2023. OFSI Superintendent Peter Routledge stated “The guidance released today is the result of the concerted efforts to adapt our guidance to IFRS … Read more
The Office of the Superintendent of Financial Institutions (OSFI) released its final Guideline B-13. This guideline sets out OSFI’s expectations for how federally regulated financial institutions should manage technology and cyber risks such as data breaches, technology outages and more. The final Guideline B-13 will be effective as of January 1, 2024, to provide financial institutions sufficient time … Read more
The Office of the Superintendent of Financial Institutions (OSFI) released a new Advisory (Clarification on the Treatment of Innovative Real Estate Secured Lending Products under Guideline B-20). The Advisory complements existing expectations under Guideline B-20, which articulates OSFI’s expectations regarding underwriting practices and procedures for reverse residential mortgages, residential mortgages with shared equity features and combined loan plans. … Read more
The Office of the Superintendent of Financial Institutions (OSFI) issued a draft version of Guideline B-15: Climate Risk Management. This guideline proposes a prudential framework that is more climate sensitive and recognizes the impact of climate change on managing risk. The draft Guideline sets the stage for OSFI’s expectations of federally regulated financial institutions. “Ensuring that the … Read more
The Office of the Chief Actuary commissioned an external peer review of its next (31st) Actuarial Report on the Canada Pension Plan (CPP), expected to be released in December 2022. Actuarial reports on the CPP are conducted every three years and are used by the federal and provincial Ministers of Finance when reviewing and making … Read more
The Office of the Superintendent of Financial Institutions published its 2022-2025 Strategic Plan which outlines OSFI’s plan to transform itself to fulfill its mandate in the face of new and challenging risks that face Canada’s financial institutions. It not only sets out our goals and priorities for the next three years, but it also outlines the concrete … Read more
The Office of the Superintendent of Financial Institutions (OSFI) released it first Annual Risk Outlook, providing details of the risks facing Canada’s financial system and plans to address them in the coming year. Peter Routledge, OSFI Superintendent, stated: “We are providing transparency to Canadians about the financial system risks facing our country and our supervisory … Read more
The Office of the Superintendent of Financial Institutions (OSFI) launched an eight-week consultation with the publication of a consultation paper, Pension Investment Risk Management. The paper introduces principles for the management of investment risk that OSFI believes are relevant for federally regulated pension plans. Comments and submissions on the consultation paper should be sent to pensions@osfi-bsif.gc.ca by May 13, … Read more
The Office of the Superintendent of Financial Institutions concluded its review of reinsurance practices by issuing final revised versions of Guideline B-3, Sound Reinsurance Practices and Procedures, and Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration. The full release is available online. Call 343-550-9373.
