Staff
The Office of the Superintendent of Financial Institutions has updated its minimum continuing capital and surplus requirements for federally regulated life insurance companies and societies.
Life insurers are expected to adhere to this guideline for reporting periods that end on or after January 1, 2014.
The guideline helps to establish minimum capital requirements so life insurance companies can withstand financial shocks to the economy.
The guideline establishes standards, using a risk-based approach, for evaluating specific insurer risks and for gathering the results to determine the amount of capital that is required to support these risks.