OSFI Releases Report on Life Insurance Sector Consultation in 2016-17
During 2016–17, OSFI commissioned Nielsen, an independent research firm, to conduct a confidential consultation with life insurance company Chief Executive Officers, Chief Financial Officer,s and other senior executives, to help OSFI monitor its effectiveness in discharging the key elements of its mandate. OSFI is now publishing a report presenting an overview of the consultation findings on the life insurance sector.
The Life Insurance Sector Consultation comprised a series of confidential one-on-one interviews with executives representing a cross-section of the life insurance companies regulated by OSFI. The results are qualitative and ensure the anonymity of participants. The overall impressions of OSFI are very positive. Participants indicate that OSFI has established constructive working relationships with the entities that it regulates and is generally viewed as best-in-class compared with other regulators. Although OSFI is perceived to be effective in the overall discharge of its mandate, the study did reveal certain areas for improvement. OSFI appreciates the feedback provided through this consultation and has developed action plans to address areas identified for improvement. Future studies will monitor OSFI’s overall effectiveness and progress in addressing these. OSFI has commissioned consultations with senior members of the financial community since 1998 to obtain their assessment of OSFI’s effectiveness as a regulator and supervisor.
Related Link: Report
Keywords: Americas, Canada, Insurance, Supervision, Life Insurance Sector Consultation
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