Office of the Superintendent of Financial Institutions
The Superintendent discussed climate change, digitalization and the complicated risk environment for OSFI, institutions and Canadians. He signalled how OSFI plans to transform itself to meet these rapidly changing risks.
“OSFI is mindful that we serve all Canadians in all regions; to them we pledge transparency and open-mindedness…Our risk environment demands that we transform our approach and our organization to meet the extraordinary opportunities and challenges before us.”
Continue reading: The Fierce Urgency of Now: The Canadian Financial Sector in a Post-Pandemic World, a prudential Perspective
The consultation process will help to refine the capital expectations that institutions will be required to meet upon implementation of IFRS 17.
Explanation of specific changes to each guideline, as well as how to make a submission, can be found in individual cover letters for each guideline.
Continue reading: Industry consultation – Draft insurance capital guidelines 2023
Today the Office of the Superintendent of Financial Institutions (OSFI) launched a ten-week consultation with the publication of a discussion paper,
Assurance on Capital, Leverage and Liquidity Returns for federally regulated insurers and deposit-taking institutions.
#Scam Alert: Be careful of phishing emails that appear to be from OSFI employees. We have posted a notice on our website to that effect.
The Domestic Stability Buffer (DSB) is set at:
1.00% of total risk-weighted assets, however will be set to 2.50% of risk-weighted assets effective October 31, 2021
Minimum Qualifying Rate for Uninsured Mortgages
Effective June 1, 2021, the minimum qualifying rate for uninsured mortgages is the greater of:the mortgage contract rate plus 2% or 5.25%.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987 to contribute to the safety and soundness of the Canadian financial system. OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight.
Why I am proud to work at OSFI!
About the Superintendent
OSFI works closely with its federal partners, including the Department of Finance, the Bank of Canada, the Canada Deposit Insurance Corporation and the Financial Consumer Agency of Canada.