Governance, Risk and Compliance-The Canadian Insurance Industry

Governance, Risk and Compliance-The Canadian Insurance Industry

  • Products Id :- IS0026RR
  • |
  • Pages: 75
  • |
  • |
  • |
  Request for Sample Report
  Request A Quote

Executive Summary

Timetric's 'Governance, Risk and Compliance-The Canadian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Canada.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Canada, including:

An overview of the insurance regulatory framework in Canada.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Canada.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.


The report covers details of the insurance regulatory framework in Canada.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

Gain insights into the insurance regulatory framework in Canada.

Track the latest regulatory changes, and expected changes impacting the Canadian insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

Canada is a federal state consisting of 10 provinces and three territories where, along with federal regulations and the federal regulator, each province and territory has its own insurance regulations and regulator.

Following the enactment of the Insurance Companies Act 1991, no new composite insurance licenses have been issued in Canada. Companies issued with composite licenses issued prior to the act are allowed to carry out both life and non-life insurance business, unless their license expires or is withdrawn.

Foreign insurers and insurers operating in more than one province or territory are federally regulated. Insurers whose operations are confined to a specific province or territory are governed by the legislation of that province or territory.

Captive insurance companies in Canada only exist in British Columbia.

The OSFI is planning to introduce new life insurance regulatory initiatives in Canada by 2018.

Read More

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications



1.1 What is this Report About?

1.2 Definitions


2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Marine liability insurance

2.4.3 Workmen's compensation

2.4.4 Aviation liability insurance

2.4.5 Liability insurance for ships with respect to oil pollution

2.4.6 Professional indemnity insurance for insurance brokers

2.4.7 Liability insurance for medical malpractice

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Office of the Superintendent of Financial Institutions Canada

2.5.3 Canadian Council of Insurance Regulators

2.5.4 Canadian Life and Health Insurance Association Inc

2.5.5 Insurance Bureau of Canada

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)


3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Canada-Insurance Supervision and Control at Various Levels

Figure 2: Canada-Insurance Regulatory Frameworks for Company Registration and Operation

Figure 3: Canada-Solvency Framework in Different Provinces and Territories

Figure 4: Canada-Judiciary System

Table 1: Insurance Industry Definitions

Table 2: Canada-Insurance Regulatory Framework Key Features

Table 3: Canada-Life Insurance Regulatory Framework

Table 4: Canada-Property Insurance Regulatory Framework

Table 5: Canada-Motor Insurance Regulatory Framework

Table 6: Canada-Liability Insurance Regulatory Framework

Table 7: Canada-Legislations Governing Automobile Insurance in Each Province and Territory

Table 8: Canada-Workmen's Compensation

Table 9: Canada-Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table10: Canada-Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft

Table 11: Canada-Non-Admitted Insurance Regulatory Framework

Table 12: Canada-Capital Requirement for Insurers in Each Province and Territory

Table 13: Canada-Solvency Margin Requirements for Federally Regulated Insurance Companies

Table 14: Canada-Insurance Premium Taxation

Table 15: Canada-Corporate Tax Rates for the Financial Year 2016

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to query [@]

Phoenix Assurance Company, Halifax Insurance Company , Quebec Fire Insurance Company

Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system

select a license

Single User License
USD 950 INR 61570
Site License
USD 1900 INR 123139
Corporate User License
USD 2850 INR 184709



The report sent to us was on the point, and its information was quite extensive, well structured, and well researched. More importantly what we valued was your response time and professionalism. As a leading global consulting firm, our clients expect high quality deliverables in short periods of time, so a reliable research partner is essential. For the price that you have charged the quality of your services were exceptional. We look forward to continue our relationship with your team on future engagements....

This is with regards to your report on India PVC pipes and fitting market outlook industry outlook to 2019. This is a very well written report and accept my compliments on the same.... ...

I am pleased to see the very useful and productive information in the report..Very well structured great presentation reflect professionalism in your research studies....

While we still are studying and analysing your reports about Vietnam & Thailand, we would like to convey to your research team that they have done a very good job in compiling so much of information together. We hope to see more of such well researched reports. All the best & keep it up. ...

We would like to appreciate Ken Research for their great efforts and wonderful support in providing the Market Intelligence Report for ITPC. The information, statistics and research are well understandable and very clear to the point. We are happy with Ken research for their good client service, on-time delivery of the report and as said the report itself. Thank you Ken research for bringing the valuable output for us. We would be looking forward to have more research with you in the near future. Wish you a success in your business!...

Related Products in vertical
Ken Research Pvt. Ltd. Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49
     Gurgaon, Haryana - 122001, India


Company Brochure

Engage with Us

query [@]