OSFI Remarks at the 2012 Insurance Issues Conference by Superintendent Julie Dickson

Interview with Superintendent Julie Dickson, Office of the Superintendent of Financial Institutions Canada (OSFI) at the 21st annual KPMG Insurance Issues Conference (Toronto, ON; Wednesday, December 12, 2012)

At the 2012 KPMG Insurance Issues Conference, Superintendent Julie Dickson participated in a “fireside chat” where she discussed OSFI’s key initiatives to strengthen regulation and supervision of the industry, including enhanced expectations for the industry’s governance practices, in the context of an uncertain global environment.

Neil Parkinson, KPMG’s National Insurance Industry Leader, asked the questions, including the following:

Four years on from 2008 and the beginning of the global financial crisis. Do you think a long period of low growth and uncertainty poses risks of their own for financial institutions in Canada, and particularly for insurers?

To what degree do you think you’ll be able to sustain what we would call a “made-in-Canada” solution for financial services regulation?

The Corporate Governance Guideline was put out for comment in August. We await the final version of that guideline in response to the comments that were sent in by many people. So I’m just wondering if you have any particular comments you’d like to make about the thrust of the guideline and what you’re trying to accomplish.

Where do you think we’ll find all the risk-aware directors, not just for a board risk committee, but just given that heightened focus on risk management at the board level? Do you think we have a supply problem?

→ Read the full Q&A transcript (PDF)

(The link above, which has been corrected, originally referenced a different document in error.)

About OSFI

OSFI is an independent agency of the Government of Canada. It reports to the Minister of Finance. For more information visit www.osfi-bsif.gc.ca.

About KPMG’s 21st annual Insurance Issues Conference

Today’s economic environment is forcing insurers to rethink the way they conduct business. Volatile markets, disruptive technologies, and a complex web of new regulations and compliance issues have brought insurers to a crossroads. Now, more than ever, the importance of a solid foundation is key. Not only must insurers maintain optimal operational performance, liquidity, risk and governance frameworks, they are also expected to transform operations and be at the ready to take advantage of market opportunities – creating real sustainable advantage.