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Home . International Insurance News . Americas | Canada | Mexico . Japanese Comment on the OSFI's (Canada) Proposed Reinsurance DP

Japanese Comment on the OSFI's (Canada) Proposed Reinsurance DP

Tuesday, March 03, 2009

Tokyo, Japan – March 03, 2009 The General Insurance Association of Japan (GIAJ) submitted to the Office of the Superintendent of Financial Institutions (OSFI), the Canadian Regulator, its comments on the OSFI's recently proposed "Discussion Paper on the OSFI’s Regulatory and Supervisory Approach to Reinsurance" dated December 12, 2008.

In its comment submitted on February 27, the GIAJ highlighted its views on ceding limitations, collateral requirements (including limitation of use of LOC), requirements on intra-group reinsurance, etc.

The GIAJ believes the revision of reinsurance regulations should be based on international supervisory and trade principles. In line with this, the GIAJ concurs with the OSFI's basic policies in the DP's guiding principles, which are intended to maintain risk-based and principle-based regulation/supervision, and ensure a level playing field in the financial sector. It is hoped that every international player can enjoy the benefits of these policies.

Click here to read comments submitted to the OSFI by the GIAJ are as follows:

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