Register of OSFI-Regulated Internationally Active Insurance Groups

Document Properties

  • Type of Publication: Letter
  • Date: February 15, 2021

In November 2019, the International Association of Insurance Supervisors (IAIS) announced the adoption of the Common Framework (ComFrame).Footnote 1 ComFrame establishes supervisory standards and guidance focussing on the effective group-wide supervision of Internationally Active Insurance Groups (IAIGs).

ComFrame also sets out the following criteria for determining whether an insurer is an IAIG:

  • The insurer is internationally active whereby:
    • Premiums are written in three or more jurisdictions; and
    • Gross written premiums outside of the home jurisdiction are at least 10% of the group's total gross written premiums.
  • The insurer is of a size (based on a three-year rolling average) whereby:
    • Total assets are at least USD 50 billion; or
    • Total gross written premiums are at least USD 10 billion.

Given these criteria, there are three Canadian IAIGs identified under OSFI's supervision:

  • Canada Life Assurance Company
  • Manufacturers Life Insurance Company
  • Sun Life Assurance Company of Canada

The list is for informational purposes only and will be reviewed by OSFI on an annual basis.

Like all federally regulated insurers, IAIGs continue to be subject to OSFI's comprehensive approach to group-wide supervision, as outlined in its Supervisory Framework, as well as the prudential requirements set out in OSFI's insurance capital framework. As such, disclosing the names of the three Canadian IAIGs does not introduce any new expectations from OSFI.

Although it is the responsibility of the relevant national regulator that supervises the insurance group (i.e. "group-wide supervisor") to identify its IAIGs, the IAIS began publishing a register of publicly identified IAIGs in July 2020. At a minimum, the register, which is available on the IAIS website, will be updated annually.

Should you have questions, please contact Lisa Peterson, Managing Director, Insurance Capital by email at lisa.peterson@osfi‑bsif.gc.ca.

Footnotes

Footnote 1

For more information on ComFrame, please visit the Insurance Core Principles and ComFrame page on the IAIS website.

Return to footnote 1