November 2, 2018 13:30
The of the insurance Journal has learned that senior leaders of thefinancial markets Authority are monopolized by the five-year survey of the international monetary Fund (IMF).
The regulator has confirmed to the Newspaper of the insurance inspectors of the IMF in its offices for a few days. They will still be there for several days.
The Authority is not the only regulator to receive the visit of the IMF. The Office of the superintendent of financial institutions (OSFI) and the regulators of the other three large canadian provinces, namely Ontario, Alberta and British Columbia, also live this year at this time.
The last inspection in 2013
The last inspection of the Authority by the IMF took place in 2013. Thus, every 5 years, Canada receives a delegation from the IMF that comes specifically evaluate the key regulators in canada, including the Authority, and make recommendations and expectations, under its Programme of financial sector assessment.
“The exercise is extremely rigorous,” said Sylvain Théberge, a spokesman for the Authority. The questions which we are subject are considerable and complex. This assessment requires a huge amount of work on our part. “
A number of guidelines derived from
In recent years, several directions of the Authority were the result of the inspection conducted by the IMF, notably with respect to the supervision of general agents in life insurance, sound business practices of insurers and the supervision of independent representatives.
“This assessment of the IMF is an important exercise and necessary to our eyes because we believe that the good performance of the Authority in international evaluations indirectly confirms the good health of the institutions and the market that we work,” says Mr. Théberge. In addition, the good reputation of the regulator also contributes indirectly to enhance the confidence of investors, investors and different stakeholders of the financial ecosystem and economic. “