Sound Reinsurance Practices and Procedures

OSFI is issuing proposed revisions to Guideline B-3 Sound Reinsurance Practices and Procedures. The revisions to the guideline reflect proposals made in OSFI’s June 2018 Discussion Paper on OSFI’s Reinsurance Framework, as well as comments received in response to the Discussion Paper. Key changes to the guideline encourage insurers to better identify and manage risks arising from the use of reinsurance, particularly counterparty risk. Interested parties should provide comments no later than August 16, 2019.