Regulatory Alerts2010-01-31
Role of the Independent Actuary
The Office of the Superintendent of Financial Institutions (OSFI) issues this guideline to establish the independence criteria and reporting obligations for Independent Actuaries evaluating amalgamations, asset sales, and assumption reinsurance for federally regulated life insurers. The actuary must conduct comprehensive reviews of policyholder rights, financial conditions, and tax consequences to verify that transaction terms remain equitable and preserve benefit security. Following this assessment, the actuary submits a signed report containing detailed fairness opinions and an objectivity declaration to OSFI for final regulatory approval.
Share