OSFI rejects global capital standard for Canadian insurance companies

In a rare departure from global standard-setting cooperation, Canada’s top financial services regulator said Thursday it won’t adopt a common capital standard proposed for large, internationally active insurance groups.

“Specifically, the proposed capital requirements for long-term products are too high to be compatible with OSFI’s mandate of allowing Canadian insurers to compete and take reasonable risks.” “It’s a disagreement, which is unusual for OSFI,” said Jason Mercer, an analyst at Moody’s Investors Service. The IAIS first announced plans to develop risk-based capital requirements for systemically important insurers in 2014, with a target date of 2020 set for the establishment of the new international standard.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cannabis company unveils largest solar panel array in the Canadian pot industryA cannabis company has unveiled what it claims is the largest solar panel array in the Canadian pot business. With demand dropping and sales plummeting for legal marijuana was this really a good investment? Skip the middle man and smoke outdoor grow. Full light spectrum makes a world of difference. Indoor grown pot will always be second to outdoor grown. Green is going Green ;-)
Source: CTVNews - 🏆 1. / 99 Read more »