Canada Insurance Industry – Governance, Risk and Compliance
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Canada Insurance Industry Government Regulation Report Overview
The insurance industry in Canada is regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS), the Canadian Council of Insurance Regulators (CCIR), and the Canadian Life and Health Insurance Association Inc. (CLHIA) among others.
The Canada Insurance Industry Governance Regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Office of the Superintendent of Financial Institutions Canada (OSFI)
· International Association of Insurance Supervisors (IAIS) · Canadian Council of Insurance Regulators (CCIR) · Canadian Life and Health Insurance Association Inc (CLHIA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Aviation Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Canada Insurance Industry – Key Regulators and Legislation
Office of the Superintendent of Financial Institutions Canada (OSFI): The OSFI plays a key role in regulating and developing the Canadian insurance industry. The OSFI regulates all federally registered insurance companies, while the respective provincial or territorial regulators oversee insurance companies that are established and operating in a specific province or territory.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Canada Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Canadian insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Aviation liability insurance
Canada Insurance Industry Analysis by Compulsory Insurances
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Canada Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. However, certain exceptions exist. Insurance companies need to obtain a license from the federal regulator. In addition, insurance companies operating in more than one province or territory in Canada are subject to provincial or territorial regulations for licensing and operation. Insurance companies have to obtain licenses from the regulator of each province and territory in which they intend to conduct insurance business.
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Canada Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Canada. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Companies operating in Canada are taxed at a federal level according to the Income Tax Act RSC 1985 and at a provincial and territorial level according to the respective provincial and territorial legislation. For taxation purposes, a company is considered to be resident if it is incorporated in Canada or its central management is undertaken from Canada. Insurance companies operating in Canada are subject to the same tax norms and tax rates as other companies operating in the country.
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Scope
This report provides:
- Details of the insurance regulatory framework in Canada
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- Canada is a federal state consisting of 10 provinces and three territories where, along with federal regulations and the federal regulator, each province and territory has its insurance regulations and regulator.
- Following the enactment of the Insurance Companies Act 1991, no new composite insurance licenses have been issued in Canada. Only companies possessing composite licenses before the enactment of the Act can carry out both life and non-life insurance business unless their license expires or is withdrawn.
- Foreign insurers and insurers operating in more than one province or territory are federally regulated. The legislation of the relevant province or territory governs the insurers whose operations are confined to a specific province or territory.
- Captive insurance companies in Canada only exist in British Columbia.
- Canada does not allow composite insurance.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Canada.
- Track the latest regulatory changes and expected changes impacting the Canada insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Canada insurance industry?
The Office of the Superintendent of Financial Institutions Canada (OSFI) is the key regulator of the Canada insurance industry.
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Which are the other bodies that oversee operations in the Canada insurance industry?
The International Association of Insurance Supervisors (IAIS), Canadian Council of Insurance Regulators (CCIR), and Canadian Life and Health Insurance Association Inc (CLHIA) among others oversee the Canada insurance industry.
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Which are the compulsory insurances required within the Canada insurance industry?
Some of the compulsory insurances required within the Canada insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, aviation liability insurance, and social security insurance.
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What are the types of taxes imposed upon the Canadian insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Canada. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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