Governance, Risk and Compliance – The Canadian Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The Canadian Insurance Industry' 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 Timetric’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 Canada.
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.
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
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.
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. Companies issued with composite licenses issued prior to the act are allowed to 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. Insurers whose operations are confined to a specific province or territory are governed by the legislation of that province or territory.
Captive insurance companies in Canada only exist in British Columbia.
The OSFI is planning to introduce new life insurance regulatory initiatives in Canada by 2018.