On November 26, 2020, the Office of the Superintendent of
Financial Institutions (
OSFI ) issued
for public comment a draft revised Guideline B-2,
Property and
Casualty Large Insurance Exposures and Investment
Concentration (the
Draft
Guideline ) which would replace the current Guideline
B-2,
Investment Concentration Limit for Property and Casualty
Insurance Companies (the
Current
Guideline ).
The significant changes to the Draft Guideline address single
large insurance exposures of federally regulated property and
casualty insurers (
P&C Insurers ).
The Draft Guideline departs from a proposal in 2018 (the
2018 Proposal ) that, among other
things, required that P&C Insurers be able to cover their three
largest policy limit losses.
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Chris Young/The Canadian Press
Citing the continuing impact of the pandemic, Canada’s biggest banks and insurers are once again heading to court for permission to hold annual meetings online in 2021.
According to a court filing obtained by The Globe and Mail, a group of 16 applicants that includes the country’s six biggest banks and three largest insurance companies has applied for an order allowing them to hold virtual shareholder or policyholder meetings next year.