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Canada Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published May 30, 2025
Length 310 Pages
SKU # GBDT20349527

Description

Canada Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘Canada Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Canada.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Canada, including-
  • An overview of the insurance regulatory framework in Canada.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
  • Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Key Highlights
  • Canada is a federal state consisting of 10 provinces and three territories where, along with federal regulations and the federal regulator, each province and territory has its own insurance regulations and regulator.
  • Following the enactment of the Insurance Companies Act 1991, no new composite insurance licenses have been issued in Canada. Only companies possessing composite licenses before the enactment of the Act can carry out both life and non-life insurance business unless their license expires or is withdrawn.
  • Foreign insurers and insurers operating in more than one province or territory are federally regulated. The legislation of the relevant province or territory governs the insurers whose operations are confined to a specific province or territory.
  • Captive insurance companies in Canada only exist in British Columbia.
  • Canada does not allow composite insurance.
Scope
  • The report covers details of the insurance regulatory framework in Canada.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Canada.
  • Track the latest regulatory changes, and expected changes impacting the Canadian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

310 Pages
CANADA
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
Contact Us
List of Tables
Table 1: Canada – Legislations Governing Automobile Insurance in Each Province and Territory
Table 2: Canada – State and Compulsory Workmen's Compensation Benefits 2023
Table 3: Canada – Non-Admitted Insurance Regulatory Framework
Table 4: Non-Admitted Insurance Regulatory Framework
Table 5: Canada – Capital Requirement for Insurers in Each Province and Territory
Table 6: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Energy - Oil Rig
Table 7: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Energy - Operational Energy
Table 8: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Clinical Trials
Table 9: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Transit
Table 10: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Aviation
Table 11: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Marine
Table 12: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Professional Risks
Table 13: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Employers' Liability/workers compensation
Table 14: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Liability
Table 15: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Motor
Table 16: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Healthcare
Table 17: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Engineering
Table 18: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Personal Accident
Table 19: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Business Interruption
Table 20: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies - Property
Table 21: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies- Group Life
Table 22: Canada – Long-Term Ratings for Life Insurance Companies
Table 23: Canada – Short-Term Ratings for Life Insurance Companies
Table 24: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 25: Long-Term Ratings for Life Insurance Companies
Table 26: Short-Term Ratings for Life Insurance Companies
Table 27: Canada – Fees Applicable for Insurers Operating in Quebec
Table 28: Canada – Fee for Non-Resident Agents Based on Type of License and Province
Table 29: Canada – Insurance Premium Taxation - Energy - Oil Rig
Table 30: Canada – Sales Tax on Insurance Premium - Energy - Oil Rig
Table 31: Canada – Insurance Premium Taxation - Energy - Operational Energy
Table 32: Canada – Sales Tax on Insurance Premium - Energy - Operational Energy
Table 33: Canada – Insurance Premium Taxation - Clinical Trials
Table 34: Canada – Sales Tax on Insurance Premium - Clinical Trials
Table 35: Canada – Insurance Premium Taxation - Transit
Table 36: Canada – Sales Tax on Insurance Premium - Transit
Table 37: Canada – Insurance Premium Taxation - Aviation
Table 38: Canada – Sales Tax on Insurance Premium - Aviation
Table 39: Canada – Insurance Premium Taxation - Marine
Table 40: Canada – Sales Tax on Insurance Premium - Marine
Table 41: Canada – Insurance Premium Taxation - Professional Risks
Table 42: Canada – Sales Tax on Insurance Premium - Professional Risks
Table 43: Canada – Insurance Premium Taxation - Employers' Liability/workers compensation
Table 44: Canada – Sales Tax on Insurance Premium - Employers' Liability/workers compensation
Table 45: Canada – Insurance Premium Taxation - Liability
Table 46: Canada – Sales Tax on Insurance Premium - Liability
Table 47: Canada – Insurance Premium Taxation - Motor
Table 48: Canada – Sales Tax on Insurance Premium - Motor
Table 49: Canada – Insurance Premium Taxation - Healthcare
Table 50: Canada – Sales Tax on Insurance Premium - Healthcare
Table 51:Canada - Insurance Premium Taxation - Engineering
Table 52: Canada – Sales Tax on Insurance Premium - Engineering
Table 53: Canada – Insurance Premium Taxation - Personal Accident
Table 54: Canada – Sales Tax on Insurance Premium - Personal Accident
Table 55: Canada – Insurance Premium Taxation - Business Interruption
Table 56: Canada – Sales Tax on Insurance Premium - Business Interruption
Table 57: Canada – Insurance Premium Taxation - Property
Table 58: Canada – Sales Tax on Insurance Premium - Property
Table 59: Canada – Insurance Premium Taxation - Group Life
Table 60: Canada – Sales Tax on Insurance Premium - Group Life
Table 61: Canada –Insurance Premium Taxation - Individual Life
Table 62: Canada – Sales Tax on Insurance Premium - Individual Life
Table 63: Canada – Insurance Premium Taxation(Group Life)
Table 64: Canada – Insurance Premium Taxation(Individual Life)
=Table 65: Canada – Insurance Premium Taxation(Energy - Oil Rig)
Table 66: Canada – Insurance Premium Taxation(Energy - Operational Energy)
Table 67: Canada – Insurance Premium Taxation(Clinical Trials)
Table 68: Canada – Insurance Premium Taxation(Transit)
Table 69: Canada – Insurance Premium Taxation(Aviation)
Table 70: Canada – Insurance Premium Taxation(Marine)
Table 71: Canada – Insurance Premium Taxation(Professional Risks)
Table 72: Canada – Insurance Premium Taxation(Employers' Liability/workers compensation)
Table 73: Canada – Insurance Premium Taxation(Liability)
Table 74: Canada – Insurance Premium Taxation(Motor)
Table 75: Canada – Insurance Premium Taxation(Healthcare)
Table 76: Canada – Insurance Premium Taxation(Engineering)
Table 77: Canada – Insurance Premium Taxation(Personal Accident)
Table 78: Canada – Insurance Premium Taxation(Business Interruption)
Table 79: Canada – Insurance Premium Taxation(Property)
Table 80: Canada – Sales Tax on Insurance Premium(Retail sale tax)
Table 81: Fire brigade charge
Table 82: Sales Tax on Insurance Premium - Group Life
Table 83: Sales Tax on Insurance Premium - Individual Life
Table 84: Canada – Corporate Tax Rates for the Financial Year 2025
Table 85: Canada – Provincial corporate income tax – 2025
Table 86: Canada – Sales Tax on Insurance Premiums - Goods and Service Tax (GST)
Table 87:State and Compulsory Workmen's Compensation Benefits 2023
Table 88: Canada – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 89: Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 90: Fire brigade charge - Transit
Table 91: Fire brigade charge - Aviation
Table 92: Fire brigade charge - Marine
Table 93: Fire brigade charge - Motor
Table 94: Fire brigade charge - Engineering
Table 95: Fire brigade charge - Business Interruption
Table 96: Fire brigade charge - Property

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