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Governance, Risk and Compliance - The Canadian Insurance Industry

Governance, Risk and Compliance - The Canadian Insurance Industry


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Executive Summary

Synopsis

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.

Summary

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.

Scope

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 over the period ending 2016.

1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

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

2.5 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 Types 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

3 Appendix

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

Table 10: Canada - Minimum Cover for Single-Limit Aircraft 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 2015

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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


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