Canada: Insurance

The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

This overview highlights recent federal and provincial insurance regulatory developments including OSFI’s evolving prudential guidance, CCIR’s distribution channel supervision priorities, British Columbia’s proposed restricted licensing framework for incidental sales, and Québec’s AMF compliance expectations.

As AI becomes further embedded in products and services, insurance is emerging as one of the few mechanisms capable of translating technical assurance, governance frameworks, and accountability into deployable commercial confidence.