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.

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