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This Guidance sets out OSFI’s minimum standards with respect to collateral secured through the establishment of a Reinsurance Security Agreement (RSA).
It also outlines OSFI’s expectations regarding the operation by companies of the RSA process.
Generally, such a security interest will be obtained by means of a RSA.
Previously, foreign banks operating in Canada were required to establish separate Canadian subsidiaries.
Once the legal opinion is obtained by the ceding company, the agreement should be filed on a timely basis to the Board, or committee thereof, from time to time but at a minimum once every two years, that a valid and enforceable security interest that has priority over any other security interest in the pledged assets continues to be created in their favour, including where changes have been made to personal property security legislation or securities transfer legislation in the province or territory where the assets are held.
In addition, OSFI expects ceding companies to include in their policy the types of prudentially acceptable pledged assets and the limits (e.g.
OSFI expects that the RSA, at a minimum, will: The opinion, on which OSFI and the ceding company will be entitled to rely, may be subject to customary qualifications.
It must be provided by a lawyer who either has expertise in the area of personal property security legislation in the province where the assets are held or who is reasonably relying on the legal opinions of those who have such expertise.