Organizations
There are a lot of organizations on different readings. OSFI, CCIR, CIA, IAA, IBC, FSCO. Could you help me with the differences between them?
Not a directly exam-related question, but it might help me understand. Thank you.
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There are a lot of organizations on different readings. OSFI, CCIR, CIA, IAA, IBC, FSCO. Could you help me with the differences between them?
Not a directly exam-related question, but it might help me understand. Thank you.
Comments
OSFI - office of the superintendent of financial institutions. Federal financial institution regulator.
CCIR - Canadian Council of insurance regulator. Facilitate and promote an efficient and effective insurance regulatory system in Canada.
CIA - Canadian Institute of Actuaries. Regulatory and educational board for Canadian Actuaries.
IAA - International Association of Actuaries. Worldwide association of professional actuaries.
FSRA - Financial Services Regulatory Authority of Ontario. Financial services regulator for Ontario
does the fact that OSFI is for FRFIs mean that provincial insurers don't have to do ORSA and anything else prescribed by OSFI?
I know they'd still have to do FCT which needs the ICT often set by ORSA, but I'm not sure what the requirements are.
Yes I would suppose ORSA would not be mandated for provincially regulated insurers but in practice practically every insurer is federally regulated