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  • Matters Having a Serious Supervisory Impact

    • BR-2.2.1

      An insurance licensee must provide written notification to the CBB immediately it becomes aware, or has information which reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future:

      (a) The insurance licensee failing to satisfy one or more of the Principles of Business referred to in Module PB;
      (b) Any matter which could have a significant adverse impact on the insurance licensee's reputation;
      (c) Any matter which could affect the insurance licensee's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the insurance licensee; or
      (d) Any matter in respect of the insurance licensee that could result in serious financial consequences to the financial system or to other insurance licensees.
      Amended: January 2007
      Amended: October 2007

    • BR-2.2.2

      The circumstances that may give rise to any of the events in Paragraph BR-2.2.1 are wide-ranging and the probability of any matter resulting in such an outcome, and the severity of the outcome, may be difficult to determine. However, the CBB expects insurance licensees to consider properly all potential consequences of events.

      Amended: January 2007

    • BR-2.2.3

      In determining whether an event that may occur in the foreseeable future should be notified to the CBB, an insurance licensee should consider both the probability of the event happening and the severity of the outcome should it happen. Matters having a supervisory impact could also include matters relating to a parent undertaking or controller that may indirectly have an effect on the insurance licensee.

      Amended: January 2007