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Canada Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Aug 24, 2023
Length 206 Pages
SKU # GBDT18295086

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the enactment of the Act can carry out both life and non-life insurance business unless their license expires or is withdrawn.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 Canadaian 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

206 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 – Workmen's Compensation
Table 3: Canada – Non-Admitted Insurance Regulatory Framework
Table 4: Canada – Non-Admitted Insurance Exception
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: Long-Term Ratings for Life Insurance Companies in Canada
Table 23: Short-Term Ratings for Life Insurance Companies in Canada
Table 24: Canada – Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 25: Canada – Long-Term Ratings for Life Insurance Companies
Table 26: Canada – 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
Table 30: Sales Tax on Insurance Premium
Table 31: Insurance premium tax is imposed at different rates in each province or territory(Group Life)
Table 32: Sales Tax on Insurance Premium in Canada
Table 33: Insurance premium tax is imposed at different rates in each province or territory(Individual Life)
Table 34: Canada – Sales Tax on Insurance Premium(Individual Life)
Table 35: Insurance Premium Taxation in canada
Table 36: Insurance premium tax is imposed at different rates in each province or territory - Group Life
Table 37: Insurance premium tax is imposed at different rates in each province or territory - Individual Life
Table 38: Sales Tax on Insurance Premium(Canada)
Table 39: Canada – Fire brigade charge
Table 40: Insurance premium tax is imposed at different rates in each province or territory – Group life
Table 41: Insurance premium tax is imposed at different rates in each province or territory – Individual life
Table 42: Canada – Corporate Tax Rates for the Financial Year 2023
Table 43: Canada – Provincial Corporate Income Tax – 2023
Table 44: Canada – Sales Tax on Insurance Premium
Table 45: Canada – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft(Aviation)
Table 46: Canada – Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 47: Rate of fire brigade charge - Transit
Table 48: Rate of fire brigade charge - Aviation
Table 49: Rate of fire brigade charge - Marine
Table 50: Rate of fire brigade charge - Motor
Table 51:Rate of fire brigade charge - Engineering
Table 52: Rate of fire brigade charge – Business Interruption
Table 53: Rate of fire brigade charge - Property

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