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BCFSA Launches Consultation on Adoption of OSFI’s B-2, B-3, B-10, and E-21 Guidelines
B.C. incorporated insurance companies and stakeholders are asked to provide feedback on BCFSA’s adoption of four guidelines published by OSFI
BCFSA has launched a 90-day consultation on its adoption of four guidelines published by the Office of the Superintendent of Financial Services (“OSFI”) that will apply to B.C. incorporated insurance companies (“insurance companies”). The guidelines have been put onto BCFSA templates and adjusted to fit the B.C. operating environment. This consultation will include meetings with B.C. insurance companies as well as provide B.C. insurance companies, industry stakeholders and the public an opportunity to submit written feedback.
The four guidelines for consultation are:
- 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”).
We invite interested parties to view the draft guidelines and provide comments on any challenges to implementation as well as implementation timelines by completing our Consultation Feedback Form. The consultation will be open from April 8, 2025 until July 8, 2025.
The publication of the final guidelines is planned for late summer 2025, with BCFSA implementing these guidelines using a phased approach to allow B.C. insurance companies to manage the transition. The proposed effective dates are as follows: B-10 in Winter 2025, E-21 in Winter 2026, B-2 in Spring 2026, and B-3 in Spring 2027.
