The accounting transition to International Financial Reporting Standard 17 - Insurance Contracts (IFRS 17) continues to be a significant undertaking both for the industry and for OSFI.
Climate change infographic 2105 update#
Insurance Insurance IFRS 17 project update The next DSB review is scheduled for June 2021 in keeping with our regular cycle, unless circumstances require an adjustment in the interim. We continue to monitor several key systemic vulnerabilities including Canadian household and corporate indebtedness, asset imbalances, and the evolution of the pandemic and its impact on economic recovery. As part of our twice-annual review of the DSB, on Jand Decemwe reaffirmed the decision to keep the level at 1.00%.
Banks were expected to use this additional lending capacity to support businesses and households. On Mawe reduced the Domestic Stability Buffer (DSB) level to 1.00% (from 2.25%) to support banks' ability to supply credit to the economy during an expected disruption related to COVID-19 and related market conditions. Throughout the pandemic, Canada’s banks and deposit-taking institutions have demonstrated resilience, continuing to provide loans to support borrowers while maintaining robust capital levels. Please join us on Twitter at or on LinkedIn at Office of the Superintendent of Financial Institutions. We encourage you to get engaged and keep up to date by following and sharing our social media content. We are also posting videos from our industry-focused risk management seminars on our YouTube channel. We are making greater use of infographics, videos, and plain language explanations of our work. Our approach continues to evolve to meet the needs of the financial sector and the expectations of the public. Increasingly our readers are getting their information through OSFI’s social media channels. We have also worked hard to engage more with you, our audience, over the past year. In support of our mandate, this work supports the continued resilience of banks, insurers and federally regulated private pension plans. It builds on lessons learned and work continued throughout the COVID-19 pandemic and sets out clear priorities and timelines for developing policies and guidance. Our recent work includes the development and sharing of an updated forward policy planner. To that end, our work increasingly focuses on those non-financial risks that could impact the financial resilience of institutions, such as technology risk and climate risk. We acknowledge the uncertainty surrounding the economic environment but continue to uphold our mandate to protect depositors, policyholders and federal private pension plan beneficiaries. We remain committed to improving both our regulatory and supervisory approaches and our own organization. These pages help to answer questions about climate change, what the AM is doing and, importantly, what you can do.This edition of the OSFI Pillar includes updates on our regulatory and policy development work across the institutions and pension plans we oversee. The AM has taken a bold approach to the sustainability of its own operations we have announced the achievement of Climate Active (Carbon Neutral) status, 26 November 2020. We are informed by AM scientists’ work on biodiversity, research on the cultural dimensions of climate change, and First Nations approaches to caring for Country. The first climate communications centre in Australia’s museum sector, the Climate Solutions Centre has been established to increase positive public engagement in climate change. The Australian Museum (AM), with its long-term research and significant outreach about nature and culture, is well-placed to make a strong contribution to documenting and responding to climate change.
We can better care for nature, each other and ourselves. Humans have created the crisis and we have the skills and solutions to turn it around. Climate change is a crisis that threatens our life-support systems.
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