Canada Insurance Industry - Governance, Risk and Compliance
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Canada Insurance Industry - Governance, Risk and Compliance
Summary
GlobalDatas Canada Insurance Industry - Governance, Risk and Compliance report is the result of extensive research into the insurance regulatory framework in Canada.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalDatas research, modelling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the Scope of non-admitted insurance in the state.
Key Highlights
- Canada is a federal state consisting of 10 provinces and three territories where, along with federal regulations and the federal regulator, each province and territory has its own insurance regulations and regulator.
- Following the enactment of the Insurance Companies Act 1991, no new composite insurance licenses have been issued in Canada. Only companies possessing composite licenses before the enactment of the Act can carry out both life and non-life insurance business unless their license expires or is withdrawn.
- Foreign insurers and insurers operating in more than one province or territory are federally regulated. The legislation of the relevant province or territory governs the insurers whose operations are confined to a specific province or territory.
- Captive insurance companies in Canada only exist in British Columbia.
- Canada does not allow composite insurance.
The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Canada, including -
- An overview of the insurance regulatory framework in Canada.
- The latest key changes, and changes expected in the states insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the state.
- Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in Canada.
- Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the state.
Scope
- The report covers details of the insurance regulatory framework in Canada.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the states insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Gain insights into the insurance regulatory framework in Canada.
- Track the latest regulatory changes, and expected changes impacting the Canada insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
Summary
GlobalDatas Canada Insurance Industry - Governance, Risk and Compliance report is the result of extensive research into the insurance regulatory framework in Canada.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalDatas research, modelling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the Scope of non-admitted insurance in the state.
Key Highlights
- Canada is a federal state consisting of 10 provinces and three territories where, along with federal regulations and the federal regulator, each province and territory has its own insurance regulations and regulator.
- Following the enactment of the Insurance Companies Act 1991, no new composite insurance licenses have been issued in Canada. Only companies possessing composite licenses before the enactment of the Act can carry out both life and non-life insurance business unless their license expires or is withdrawn.
- Foreign insurers and insurers operating in more than one province or territory are federally regulated. The legislation of the relevant province or territory governs the insurers whose operations are confined to a specific province or territory.
- Captive insurance companies in Canada only exist in British Columbia.
- Canada does not allow composite insurance.
The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Canada, including -
- An overview of the insurance regulatory framework in Canada.
- The latest key changes, and changes expected in the states insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the state.
- Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in Canada.
- Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the state.
Scope
- The report covers details of the insurance regulatory framework in Canada.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the states insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Gain insights into the insurance regulatory framework in Canada.
- Track the latest regulatory changes, and expected changes impacting the Canada insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Marine liability insurance
2.4.3 Workmens compensation
2.4.4 Aviation liability insurance
2.4.5 Liability insurance for ships with respect to oil pollution
2.4.6 Professional indemnity insurance for insurance brokers
2.4.7 Liability insurance for medical malpractice
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Office of the Superintendent of Financial Institutions Canada
2.5.3 Canadian Council of Insurance Regulators
2.5.4 Canadian Life and Health Insurance Association Inc
2.5.5 Insurance Bureau of Canada
2.5.6 Insurance Brokers Association of Canada
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Canada - Insurance Regulatory Framework Key Features
Table 3: Canada - Life Insurance Regulatory Framework
Table 4: Canada - Property Insurance Regulatory Framework
Table 5: Canada - Motor Insurance Regulatory Framework
Table 6: Canada - Liability Insurance Regulatory Framework
Table 7: Canada - Legislations Governing Automobile Insurance in Each Province and Territory
Table 8: Canada - Workmens Compensation
Table 9: Canada - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table10: Canada - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
Table 11: Canada - Non-Admitted Insurance Regulatory Framework
Table 12: Canada - Capital Requirement for Insurers in Each Province and Territory
Table 13: Canada - Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 14: Canada - Long-Term Ratings for Life Insurance Companies
Table 15: Canada - Short-Term Ratings for Life Insurance Companies
Table 16: Canada - Fees Applicable for Insurers Operating in Quebec
Table 17: Canada - Insurance Premium Taxation
Table 18: Canada - Corporate Tax Rates for the Financial Year 2020
Table 19:Canada - Provincial corporate income tax
Table 20: Canada - Sales Tax on Insurance Premium
List Of Figures
Figure 1: Canada - Insurance Supervision and Control at Various Levels
Figure 2: Canada - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 3: Canada - Solvency Framework in Different Provinces and Territories
Figure 4: Canada - Judiciary System
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