P&C sector cite reinsurance knowledge as area needing improvement within OSFI

Despite challenging times as a result of the economic downturn, overall impressions of the Office of the Superintendent of Financial Institutions (OSFI) are positive in most areas, a report commissioned by the superintendent found.In late 2008, OSFI commissioned the Strategic Counsel, an independent research firm, to conduct confidential consultation with property and casualty insurance institutions to explore perceptions of the current property and casualty marketplace and OSFI in general.Some of the positive findings include:•    Overall, the property and casualty industry is highly satisfied with OSFI as the principal regulator and supervisor of Canada’s financial services industry.•    OSFI’s guidance provides a clear indication of the regulator’s expectations.  •    OSFI is seen to be focused on the appropriate areas of risk in the property and casualty insurance sector and to be proactive in dealing with emerging issues.Areas for improvement include:•    Satisfaction that institutions’ views concerning regulations and guidance relevant to Part XIII – Foreign companies – of the Insurance Companies Act were heard.•    Staff knowledge of reinsurance.•    Timelines of OSFI’s written supervisory reports. •    Effectiveness of OSFI’s communication of international activities.