2023-01-18

Participating Account Management and Disclosure to Policyholders – Guideline E-16 (2023)

OSFI’s updated Guideline E-16 establishes comprehensive expectations for Canadian life insurers managing participating and adjustable policies under the Insurance Companies Act. It mandates transparent allocation methodologies, rigorous Appointed Actuary fairness opinions, and clear policyholder disclosures that reflect reasonable expectations while ensuring equitable treatment across dividend cohorts. Companies must align their board resolutions, dividend policies, and surplus distributions with these standards to promote consistency, transparency, and informed policyholder decision-making.

Canada

Office of the Superintendent of Financial Institutions

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