Internationally active insurance groups (IAIGs)
Internationally active insurance groups (IAIGs) are large insurance groups that operate across borders and are subject to group-wide supervision.
The International Association of Insurance Supervisors (IAIS) adopted the Common Framework (ComFrame) in 2019. ComFrame establishes supervisory standards and guidance for the effective group-wide supervision of IAIGs.
Identifying internationally active insurance groups
ComFrame also sets out the criteria for identifying which insurance groups are internationally active. Each national regulator is responsible for identifying the IAIGs it supervises on a group-wide basis.
Canada's internationally active insurance groups
There are 4 Canadian IAIGs under OSFI's group-wide supervision:
- Canada Life insurance group
- Intact Financial Corporation
- Manulife Financial Corporation
- Sun Life Financial Inc.
This list is for information only. OSFI reviews the list at least once a year and updates it as needed.
What this means for Canadian IAIGs
Being identified as an IAIG does not introduce new expectations from OSFI.
Canadian IAIGs continue to be supervised under OSFI's existing approach to group-wide supervision, as outlined in OSFI's Supervisory Framework. Entities within Canadian IAIGs that are supervised by OSFI continue to be subject to OSFI's prudential requirements, including requirements under OSFI's insurance capital framework.
Group-wide supervision helps OSFI assess risks across the insurance group as a whole. This supports OSFI's work to protect policyholders, creditors and the stability of Canada's financial system.
IAIS register of IAIGs
The International Association of Insurance Supervisors publishes a register of publicly identified IAIGs and updates it at least once a year. For more information, visit the IAIS website.