20 June 2025 • 1 minute read
Fortuity - Canadian Insurance News and Trends - June 2025
Regulatory review
OSFI quarterly update – Key guideline adjustment for life insurers using reinsurance for capital adequacy requirements
Our regulatory column is a regular feature of Fortuity where we summarize regulatory changes or updates that insurance industry participants should be aware of, as well as regulatory topics of interest. In this edition, we look at OSFI’s quarterly update which was released in May and included a key guideline adjustment for life insurers using reinsurance for capital adequacy requirements.
Spotlight on Quebec
Creation of a new insurance chamber in Quebec – Bill 92’s impact on the insurance sector
On June 3, 2025, Quebec’s legislative body adopted Bill 92, An Act to amend various provisions mainly with respect to the financial sector. Expected to impact nearly every corner of the financial landscape, Bill 92 proposes to modernize, simplify and strengthen Quebec’s financial sector framework by amending several laws administered by the Financial Markets Authority, including the Act respecting the distribution of financial products and services and the Insurers Act.