This barrier is unrelated to the end of the transition period, following the United Kingdom's departure from the EU.


High regulatory burden on UK insurance firms operating in Canada

in Canada

Trade barrier summary

Regulations can make it difficult to start an insurance business in Canada. Canada has more complex regulations for insurance firms when compared to other countries.

An insurer must be federally incorporated. There is an application process which focuses on the proposed business plan submitted by the company. The plan is stress tested for a 3-year period.

Each province regulates the market activities of insurers. An insurer must get a licence to perform activities in each provincial jurisdiction where it wants to conduct business. This is because each province has its own statute and its own regulatory body that oversees the activities of insurers.
Insurers must provide annual information on counterparty risks. They must also provide annual audited financial statements and quarterly and annual financial and business returns.
Other regulatory requirements include providing information on certification of senior officers and material changes to reinsurance policies.

Sectors affected

  • Financial and professional services



Date reported

18 January 2021

Last updated

22 December 2021

Public ID


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