The British Columbia Financial Services Authority (BCFSA) has opened a 90-day consultation on adopting four Office of the Superintendent of Financial Institutions (OSFI) guidelines for B.C. incorporated insurance companies, using BCFSA templates and adjustments for the provincial operating environment. The draft guidance covers P&C large insurance exposures and investment concentration (B-2), sound reinsurance practices and procedures (B-3), third-party risk management (B-10), and operational risk management and resilience (E-21). Feedback is sought on implementation challenges and implementation timelines, via written submissions and meetings with B.C. insurance companies. The consultation runs from April 8, 2025 to July 8, 2025. BCFSA plans to publish final guidelines in late summer 2025 and implement them on a phased basis, with proposed effective dates of B-10 in Winter 2025, E-21 in Winter 2026, B-2 in Spring 2026, and B-3 in Spring 2027.
British Columbia Financial Services Authority 2025-04-08
British Columbia Financial Services Authority consults on adopting OSFI guidelines on large exposures, reinsurance, third-party risk and operational resilience for B.C. insurers
The British Columbia Financial Services Authority (BCFSA) has initiated a 90-day consultation on adopting four Office of the Superintendent of Financial Institutions (OSFI) guidelines for B.C. incorporated insurance companies. The draft guidance covers large insurance exposures, reinsurance practices, third-party risk management, and operational risk management. Feedback is requested on implementation challenges and timelines, with final guidelines expected in late summer 2025.