Overview of the Life Insurance Sector Consultation (LISC) Findings

During the 2021-22 fiscal year OSFI commissioned Sage Research Corporation, an independent research firm, to conduct a confidential consultation with life insurance company senior executives, to obtain their assessment of OSFI’s effectiveness as a regulator and supervisor and help monitor its efficacy in discharging key elements of its mandate. OSFI has commissioned such consultations with senior members of the financial community since 1998.

The LISC comprised a series of confidential one-on-one interviews with executives representing a cross-section of the life insurance companies regulated by OSFI. The final sample of participants was selected and interviewed by Sage Research Corporation independently of OSFI. The results are qualitative and are presented in summary form to ensure the anonymity of participants.

Overall impressions of OSFI are largely positive. Participants indicate that OSFI has established very good working relationships with the entities that it regulates, is proactive in identifying and responding to emerging areas of risk and is effective in ensuring the soundness of the financial sector.

Although OSFI is perceived to be effective in the overall discharge of its mandate, the study did reveal some areas for improvement. OSFI appreciates the feedback provided through this consultation and will be monitoring progress in addressing these through future studies.

OSFI’s mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.

The final report is available on the Library and Archives Canada website. For further information about the study methodology or the results, please send an e-mail to information@osfi-bsif.gc.ca.