This website uses cookies. By using this website, you agree to our Cookie Policy.
Canada Releases New Climate-Focused Guideline for Banks and Insurers
March 30, 2023On March 7, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”), the Canadian government agency responsible for supervising federally-regulated financial institutions (“FRFI”) and insurance companies, released a new guideline (“Guideline”) on climate risk management. The Guideline will become effective in fiscal year 2024 for “Domestic Systemically Important Banks” and “Internationally Active Insurance Groups headquartered in Canada” and in fiscal year 2025 for smaller financial institutions. OSFI released the Guideline following a public consultation that generated over 4,300 submissions, which the accompanying press release reported is “one of the most extensive consultations in OSFI’s history.”
