The Financial Services Regulatory Authority of Ontario has issued final Own Risk and Solvency Assessment guidance for Ontario-incorporated insurance companies and reciprocal insurance exchanges. The guidance sets out how FSRA will assess insurers’ ORSA under a principles-based approach, aimed at improving risk management and helping firms maintain adequate capital. The document describes the principles and intended outcomes that can demonstrate prudent and effective capital management, and it allows for flexibility and proportionality in FSRA’s supervisory assessment of an insurer’s ORSA. The final guidance was informed by a 60-day public consultation that ran from November 28, 2024 to January 28, 2025.
Financial Services Regulatory Authority of Ontario2026-06-01
Financial Services Regulatory Authority of Ontario issues final ORSA guidance for Ontario insurers and reciprocal exchanges
The Financial Services Regulatory Authority of Ontario has issued final Own Risk and Solvency Assessment guidance for Ontario-incorporated insurance companies and reciprocal insurance exchanges, setting out how it will assess ORSA under a principles-based approach to strengthen risk management and capital adequacy. The guidance outlines principles and outcomes for prudent capital management, allows flexibility and proportionality in supervisory assessments, and reflects feedback from a prior public consultation.