Regulatory Alerts1996-09-30
Securities Lending Guideline for Property and Casualty Insurance Companies
OSFI issues this guideline to establish prudential standards for securities lending by federally regulated Canadian property and casualty insurance companies. Companies must maintain adequate collateral typically at least 102 percent of market value, implement robust internal controls and approved borrower lists, and employ a competent administrative agent. The document further mandates daily market valuation of loaned and collateral securities, legally binding master agreements with borrowers, and strict compliance with existing asset protection regulations.
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