What are the regulations for reinsurance in Canada?
policies and procedures for sound reinsurance practices. In addition, Canadian insurers are subject to a regime under the Insurance Companies Act (Canada) that requires OSFI notification or approval in relation to a number of corporate and operational matters. These matters include: Reinsurance with an unregistered affiliate.
What is Canadian insurance law?
Canadian insurance law generally favours the protection of the insured. Both the common law and regulatory controls in this area are more likely to give the insured the benefit of the doubt, leaving it up to insurers to prove why a consumer’s rights should be limited or denied.
Who regulates the insurance companies in Canada?
Although market conduct is generally within the jurisdiction of the provincial legislatures, the Insurance Companies Act (Canada) provides that every federally regulated insurance company and every foreign company operating as a branch in Canada must: