TORONTO, Dec. 19, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its updated Minimum Capital Test Guideline for Ontario-incorporated Property and Casualty Insurance Companies and Reciprocals. The Minimum Capital Test Guideline helps to ensure insurance companies in Ontario are financially sound and can fulfill their commitments to individuals and families who hold insurance policies.
FSRA's Guideline adopts the Office of the Superintendent of Financial Institutions' (OSFI) 2023 Minimum Capital Test Guideline to provide consistency with other provincial regulators and supervisors in Canada and international best practices for insurance supervision. FSRA's Guideline is effective on January 1, 2023.
FSRA and its impacted stakeholders were well engaged with OSFI and actively participated in the public consultation for its 2023 Minimum Capital Test Guideline. FSRA remains open to receiving comments on this guidance and will consider updating its Minimum Capital Test Guideline as necessary. The new Guideline will replace the Financial Services Commission of Ontario's (FSCO) existing 2019 MCT Guideline.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
Share this article