CLHIA-ACCAP

c Since the passage of legislation in Ontario last fall to create the Financial Services Regulatory Authority (FSRA), which will replace the Financial Services Commission of Ontario, the CLHIA has been advocating for the new FSRA to be a principles-based regulator with appropriate life and health insurance representation on its Board. We have also been reaching out proactively to the new FSRA officials and providing educational sessions on life and health insurance matters. c Through the GFIA, the CLHIA provided input into the IAIS' ongoing work on Insurance Core Principles 18 on intermediaries and 19 on conduct of business. IFRS c The CLHIA's efforts to positively influence the new Insurance Contracts Standard (IFRS 17) have been successful. The final standard, which was released on May 18, 2017, includes many improvements from previous Exposure Drafts and provides for significant judgement and interpretation in its implementation, benefiting both investors and insurance companies. c The CLHIA arranged a number of training sessions for member company staff on relevant high priority, complex issues on IFRS 9 and 17, and other new standards. Working groups were also established to tackle complex interpretation issues, seek consensus on policy choices, presentation, disclosure and other issues relating to IFRS 9 and 17 implementation and other new standards. c The CLHIA's efforts to defer the implementation of the Financial Instruments Standard (IFRS 9) until IFRS 17 is implemented have also been successful. The IASB revised IFRS 4 to allow the deferral of IFRS 9 for most life insurers, which will substantially reduce compliance and implementation costs. In addition, we were successful in ensuring OSFI guidance on the matter provided the flexibility required by Canadian insurers. Enterprise Risk Management c The CLHIA's Committee of Chief Risk Officers completed a re-structuring of the Committee, including adopting a more focussed mandate and a change in operational tactics to increase the benefits to all members. Reinsurance c The CLHIA's Reinsurance Committee met multiple times to address primarily OSFI's proposed treatment of registered and unregistered reinsurance under LICAT and the industry-proposed amendment to the Winding Up and Restructuring Act (WURA). Other significant issues addressed by the Committee were operational risk charges under LICAT; reinsurance aspects under the IASB's new Insurance Contracts standard; and international reinsurance issues. A Message from the President and CEO Board of Directors Review of the Year's Results CLHIA Code of Member Service Members CLHIA Officers Chair's Message

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