Reinsurance regulation Canada

There is no separate framework for reinsurance in Canada. Reinsurance is generally regulated as insurance, although there are some differences in the rules given the nature of reinsurance.

Is the insurance industry regulated in Canada?

​Property and casualty (Pɪmp;C) insurance companies in Canada are regulated by federal and/or provincial regulators, called Superintendents of Insurance. Federally, the Office of the Superintendent of Financial Institutions (OSFI) regulates the solvency and financial soundness of most Pɪmp;C insurance companies.

What is reinsurance Canada?

The additional insurer is known as a reinsurer. ​Reinsurance is insurance for insurance companies. It helps insurers manage risk.

Is reinsurance regulated?

The regulation of reinsurance in the U.S. takes into consideration the domicile of the reinsurer and whether the reinsurer is licensed in a U.S. jurisdiction. Licensed reinsurers are subject to the same state-based regulation as other licensed insurers.

Who regulates insurance contracts in Canada?

The Canadian Council of Insurance Regulators (CCIR) is an inter-jurisdictional association of insurance regulators. The mandate of the CCIR is to facilitate and promote an efficient and effective insurance regulatory system in Canada to serve the public interest.