Office of the Superintendent of Financial Institutions
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:
Given these criteria, there are three Canadian IAIGs identified under OSFI's supervision:
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
For more information on ComFrame, please visit the Insurance Core Principles and ComFrame page on the
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