OSFI Posts Quarterly Insurer Data on Web site

The Federal Government continues to make available information more accessible to the public by posting increasing amount of data on the web. Recently the Office of the Superintendent of Financial Institutions (OSFI) began to post quarterly information from those insurance companies which it regulates, and semi-annual information for reinsurers.

The Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator of federally chartered financial institutions and federally administered pension plans. It was established in 1987 by an Act of Parliament, the Office of the Superintendent of Financial Institutions Act.

OSFI supervises and regulates all banks, and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and pension plans.

The OSFI Web site homepage is at www.osfi-bsif.gc.ca OSFI regulates and supervises close to 350 insurers in Canada, including life insurance companies, property and casualty insurance companies, and fraternal benefit societies. For a list of those companies, which is updated monthly, visit www.osfi-bsif.gc.ca/eng/insurers/index.asp.

The same data, but annual reports only, had been posted for some time. The frequency has now been increased to quarterly for insurers and semi-annual for reinsurers. The information is posted for periods since first quarter 1996.

The financial information which is posted is taken from the regulatory returns filed by the institutions. The information posted is by individual company, and a total by type of insurance (ie P&C, Life, Fraternal). For each of those the details which posted include:

• Assets
• Liabilities, Capital, Surplus and Reserves
• Statement of Income
• Minimum Asset Test
• Premiums Written/Earned and Claims Incurred

From www.osfi-bsif.gc.ca/eng/insurers/index.asp choose the type of insurance company, then follow the links "Financial Data" button, for individual company and aggregate data. Life companiues are at www.osfi-bsif.gc.ca/eng/insurers/life/financial/index.asp and P&C companies at www.osfi-bsif.gc.ca/eng/insurers/property/financial/index.asp - note that Canadian and Foreign are listed separately.