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Alberta’s Bill 16 Comes Into Force With a Goal of Increasing Alberta’s Insurance Capacity and Launching an Alberta Captive Insurance Market

Canada - June 16 2022 On May 31, 2022, Alberta’s Bill 16, the Insurance Amendment Act, 2022 (the “Act”) came into force, making amendments to the Insurance Act and the…

Hartley Lefton, Jerry Nguyen

OSFI Announces Proposed Revisions to Guideline E-23 on Model Risk Management

USA - May 31 2022 On May 20, 2022, the Office of the Superintendent of Financial Institutions (“OSFI”) released a letter “Proposed Revisions to Guideline E-23 on Model…

Ana Badour, Spencer Baron, Hartley Lefton, Charles S. Morgan

Budget 2022: Financial Institutions Update

Canada - April 8 2022 The 2022 federal budget (the “Budget”) includes a number of measures directed to the financial services sector, including measures in respect of…

Ana Badour, Hartley Lefton, Daanish Pasricha, Shauvik Shah, Sonia J. Struthers, Lucie Tedesco

OSFI Reaches out to Industry in Advance of Issuing a Guideline Concerning Culture Risk Management

Canada - March 24 2022 On March 15, 2022, the Office of the Superintendent of Financial Institutions (“OSFI”) released a letter (the “Letter”) outlining its plan to issue…

Ana Badour, Hartley Lefton, Daanish Pasricha, Lucie Tedesco, Deron Waldock

OSFI Issues Final Revised Guidance on Reinsurance Practices

Canada - February 23 2022 On February 11, 2022, the Office of the Superintendent of Financial Institutions (“OSFI”) concluded its review of reinsurance practices by issuing…

Hartley Lefton, Daanish Pasricha