High regulatory burden on UK insurance firms operating in Canada
in CanadaTrade 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
Resolved
No
Date reported
18 January 2021
Last updated
22 December 2021
Public ID
PID-B7DQDG
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