Office of the Superintendent of Financial Institutions
OTTAWA – September 24, 2014 ─ Ottawa, Ontario ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released a revised Minimum Capital Test Guideline (the Guideline) for property and casualty insurers. The purpose of the revision was to create a more robust risk based capital framework that better aligns capital requirements to the risks faced by property and casualty insurers.
“This new version of the guideline represents a more robust risk-based test that more accurately aligns capital requirements to the risks faced by the property and casualty insurance industry. This guideline would not have been possible without the industry’s significant cooperation over the past few years,” said Deputy Superintendent Mark Zelmer.
OSFI – Public Affairs
Created in 1987 by an Act of Parliament, OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable and competitive financial system.