Office of the Superintendent of Financial Institutions
During the 2017-2018 fiscal year, OSFI commissioned Pollara, an independent research firm, to conduct a confidential consultation with property and casualty 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 Property and Casualty Insurance Sector Consultation comprised a series of confidential one-on-one interviews with executives representing a cross-section of the P&C insurance companies regulated by OSFI. The final sample of participants was selected and interviewed by Pollaraindependently 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 an appreciation of OSFI’s efforts to establish good communication and constructive working relationships with the entities that it regulates.
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, please e-mail email@example.com.
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.