In remarks to the 2013 Life Insurance Invitational Forum in Cambridge, Ontario on November 14, 2013, OSFI Superintendent Julie Dickson reviewed the significant points made in each of her six previous annual reviews to the same event, and noted the changes and progress from each.
Cambridge, ON (Nov. 21, 2013) – Today, in November 2013, where do we stand? While there has been a relatively slow pace of change in terms of global standards for supervision and regulation of insurance companies, this is about to change, as seen by the recent announcements by the FSB and the IAIS. This is a significant development.
In addition, much has been accomplished in the areas of governance, risk management, supervisory colleges, and domestic capital requirements. Furthermore, OSFI has observed a much more thoughtful approach to the creation and distribution of new products, designed to sustain companies for the medium to long term. This needs to continue.
Reference was also made to actuarial functions, risk appetite frameworks, scenario and stress-testing exercises, like cyber risk and more.
Read the full transcript (PDF).