Overview of the Life Insurance Sector Consultation Findings

During the 2016-2017 fiscal year OSFI commissioned Nielsen, an independent research firm, to conduct a confidential consultation with life insurance company Chief Executive Officers, Chief Financial Officers and other senior executives, to help OSFI monitor its effectiveness in discharging key elements of its mandate. OSFI has commissioned consultations with senior members of the financial community since 1998 to obtain their assessment of OSFI’s effectiveness as a regulator and supervisor.

The Life Insurance Sector Consultation comprised a series of confidential one-on-one interviews with executives representing a cross-section of the life insurance companies regulated by OSFI. The final sample of participants was selected and interviewed by Nielsen independently of OSFI. The results are qualitative and are presented in summary form to ensure the anonymity of participants.

Overall impressions of OSFI are very positive. Participants indicate that OSFI has established constructive working relationships with the entities that it regulates and is generally viewed as best-in-class compared with other regulators.

Although OSFI is perceived to be effective in the overall discharge of its mandate, the study did reveal some areas for improvement. OSFI appreciates the feedback provided through this consultation and has developed action plans to address areas identified for improvement. Future studies will monitor OSFI’s overall effectiveness and progress in addressing these.

The final report is available on the Library and Archives Canada website. For further information about the study methodology or the results, please send an e-mail to information@osfi-bsif.gc.ca.

OSFI’s mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.