There would be no need for Ontario to maintain a separate and duplicative solvency regime for the few such companies that remain in the province under a Financial Services Commission of Ontario (FSCO) proposal.
FSCO’s consultation paper, Improving Solvency Supervision of Insurance in Ontario, includes the proposal to align Ontario’s solvency standards with international standards.
The alignment proposal is consistent with the efforts of insurance supervisors around the world, including the federal Office of the Superintendent of Financial Institutions (OSFI), to close gaps in solvency supervision regimes that were exposed by the 2008 financial crisis.
Canadian Underwriter.ca – May 11, 2012.
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