Document Properties
- Type of Publication: Letter
- Date: December 24, 2010
-
To:
- Federally Regulated Life Insurance Companies,
including Fraternal Benefit Societies
- Federally Regulated Property and Casualty Insurance
Companies
Guideline B-3 is now being released in final form following a comprehensive
policy review of OSFI’s regulatory and supervisory approach to reinsurance,
and subsequent public consultations on a draft version of the Guideline
issued in August 2010. This final version of Guideline B-3 supersedes
the February 1997 Guideline on Unregistered Reinsurance.
Guideline B-3 sets out OSFI’s expectations with respect to sound
reinsurance risk management practices and procedures. It applies
to all federally regulated insurers, including
life insurers and property and casualty insurers, domestic insurance
companies and foreign insurance companies in respect of their insurance
business in Canada, registered reinsurers, and fraternal benefit
societies, that are party to reinsurance cessions, retrocessions,
and, where applicable, to assumption reinsurance transactions.
Please refer to the Implementation / Transition section of Guideline
B-3 for details on OSFI’s implementation expectations and corresponding
timelines.
Questions concerning Guideline B-3 should be addressed to Mr. Philipe-A.
Sarrazin at (613) 998-4190, by e-mail at Philipe.Sarrazin@osfi-bsif.gc.ca,
or by facsimile at (613) 998-6716.
- Mark E. White
- Assistant Superintendent
- Regulation Sector