Office of the Superintendent of Financial Institutions
Guideline E-16 (“E-16” or “the Guideline”),
Participating Account Management and Disclosure to Participating Policyholders and Adjustable Policyholders outlines OSFI’s expectations regarding the implementation of the requirements found in the
Insurance Companies Act (ICA) and the
Policyholders Disclosure Regulations (Regulations). E-16 became effective in November 2011. A recent Comparative Study by OSFI of insurers’ practices relating to participating accounts, along with findings from supervisory reviews, indicated that companies have varying interpretations of several areas of E-16 and the Regulations. As a result, OSFI has updated E-16 to address the issues identified.
The updates to the Guideline are intended to provide:
While the Guideline has been updated on aspects pertaining to participating policies, there were no changes specific to adjustable policies. No fundamental changes were required as relates to IFRS 17 but IFRS 4 legacy wording was updated where required.
OSFI invites comments on the updated Guideline E-16, particularly in response to the following questions:
OSFI is seeking feedback on a confidential basis through a 90-day public consultation, on the updated Guideline E-16. The public consultation will run from today through to September 28, 2022.
The updated Guideline E-16 can be viewed on OSFI’s Web site at
Table of Guidelines.
Please provide feedback/comments via the
comments template no later than September 28, 2022.
Questions and comments concerning the updated Guideline E-16 should be addressed to: Emily Zhang, Senior Actuary, Actuarial Division at
email@example.com before September 28, 2022.
Senior Director, Actuarial Division
The participating and adjustable policies requirements referred to in the ICA apply to Canadian incorporated life insurance companies, including any foreign branch operations outside of Canada. The participating and adjustable policies requirements of the ICA do not apply to a foreign subsidiary of a Canadian insurance company or to the Canadian branch business of a foreign insurance company.
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