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    AMF Publishes Guidelines on Solvency and TLAC Requirements

    March 28, 2019

    AMF published the updated guidelines on solvency requirements, along with the updated guidelines on sound and prudent management practices and sound commercial practices. Additionally AMF released the new guideline on Total Loss Absorbing Capacity (TLAC) requirements for financial services cooperatives. The guidelines became effective from March 31, 2019.

    Under solvency requirements, AMF updated capital adequacy guideline for financial services cooperatives and credit unions that are not members of a federation, trust companies, and savings companies. The updated guidelines on sound and prudent management practices and sound commercial practices include the following:

    • Investment Management Guideline, which is intended for insurers of persons (life and health), damage (P&C) insurers, holding companies controlled by an insurer, any federation of mutual insurance associations with respect to its investment fund, financial services cooperatives, trust companies and savings companies governed by certain specific statutes. 
    • Securitization Risk Management Guideline, which is intended for insurers of persons (life and health), damage (P&C) insurers, financial services cooperatives, holding companies controlled by an insurer, trust companies and savings companies governed by certain specific statutes
    • Liquidity Risk Management Guideline, which is intended for insurers of persons (life and health), damage (P&C) insurers, portfolio management companies controlled by an insurer, financial services cooperatives, trust companies and savings companies governed by certain specific statutes

    AMF sets guidelines for various financial institution categories. These guidelines help set standards governing the activities and conduct of these institutions, particularly with regard to solvency (capital adequacy) and sound and prudent management practices.

     

    Effective Date: March 31, 2019

    Keywords: Americas, Canada, Quebec, Banking, Insurance, Solvency Requirements, TLAC, Liquidity Risk, Investment Management, Securitization, Capital Adequacy, AMF

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