OSFI effective, but could be more nimble: survey

85% of insurance company CEOs are satisfied with OSFI as a regulator 85% of insurance company CEOs are satisfied with OSFI as a regulator 88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry 93% of insurance company CEOs say it is an effective monitor 68% […]

By Terri Goveia | October 31, 2008 | Last updated on October 31, 2008

2 min read

85% of insurance company CEOs are satisfied with OSFI as a regulator

88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry

93% of insurance company CEOs say it is an effective monitor

68% of insurance company CEOs say OSFI is “somewhat proactive” in dealing with emerging issues

16% of insurance company CEOs say OSFI is “very proactive” in dealing with emerging issues

(10/31/08)

Terri Goveia

85% of insurance company CEOs are satisfied with OSFI as a regulator
88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry
93% of insurance company CEOs say it is an effective monitor
68% of insurance company CEOs say OSFI is “somewhat proactive” in dealing with emerging issues
16% of insurance company CEOs say OSFI is “very proactive” in dealing with emerging issues

(10/31/08)

85% of insurance company CEOs are satisfied with OSFI as a regulator
88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry
93% of insurance company CEOs say it is an effective monitor
68% of insurance company CEOs say OSFI is “somewhat proactive” in dealing with emerging issues
16% of insurance company CEOs say OSFI is “very proactive” in dealing with emerging issues

(10/31/08)

Canada’s financial industry overseer is an effective regulator but could respond faster to market changes, according to a survey of financial services executives.

Although the vast majority of respondents — 91% of executives from banks, trust companies and insurers — said the Office of the Superintendent of Financial Institutions (OSFI) is an effective monitor, that approval dips when it comes to its response to market shifts and regulatory updates.

Only 65% gave the regulator a “good” or “very good” rating when it comes to timely reactions, and only 61% thought it did a “good” or “very good” job of developing regulations that balance prudence and the industry’s competitive ability. OSFI commissioned the survey — conducted by the Strategic Counsel — earlier this year, and released the findings October 30.

However, when OSFI does develop new regulations, it does a good (56%) or very good (21%) job of consulting with the industry throughout the process, the respondents said.

The regulator received high ratings for its work outside Canada — 87% said that it is “somewhat” or “very” effective in representing the industry’s interests abroad — and in its dealings with troubled companies: 87% of respondents said the way it treats companies in difficulty is “about right,” with an even higher number of insurer respondents (91%) in agreement.

The insurer responses — from life, P&C and fraternal company executives — were closely aligned with those from other financial sectors, although the insurance executives showed slightly less satisfaction with the regulator than others: for instance, 85% expressed satisfaction with OSFI’s performance, compared to deposit-taking institutions (89%).

Overall, the majority of respondents (87%) said they were either “very” or “somewhat” satisfied with the office, while 88% said that its performance in contributing to public confidence in the financial services industry is “good” or “very good.”

The executives also suggested that OSFI focus on various priorities over the next few years, highlighting International Financial Reporting Standards (IFRS), market risk, capital requirements and regulatory risk as key risk areas.

The OSFI Survey: The Insurers’ Point of View

85% of insurance company CEOs are satisfied with OSFI as a regulator
88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry
93% of insurance company CEOs say it is an effective monitor
68% of insurance company CEOs say OSFI is “somewhat proactive” in dealing with emerging issues
16% of insurance company CEOs say OSFI is “very proactive” in dealing with emerging issues

(10/31/08)

Canada’s financial industry overseer is an effective regulator but could respond faster to market changes, according to a survey of financial services executives.

However, when OSFI does develop new regulations, it does a good (56%) or very good (21%) job of consulting with the industry throughout the process, the respondents said.

The OSFI Survey: The Insurers’ Point of View

85% of insurance company CEOs are satisfied with OSFI as a regulator
88% of insurance company CEOs say it does well in contributing to public confidence in the financial services industry
93% of insurance company CEOs say it is an effective monitor
68% of insurance company CEOs say OSFI is “somewhat proactive” in dealing with emerging issues
16% of insurance company CEOs say OSFI is “very proactive” in dealing with emerging issues

(10/31/08)

Terri Goveia

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