Following Julie Dickson's opening address to those attending the National Insurance Conference of Canada, the Superintendent fielded questions on the current state of the insurance union. Here are the highlights:
Julie Dickson on the question of further tweaks to underwriting guidelines for federally regulated lenders: We had looked at whether changes to B20 were necessary. That was before the summer. We concluded that we did not need to make any changes to B-20. At this time, we are spending a lot of time monitoring what is going on and we are also collecting more data from banks. If we do decide to make any changes to B-20, of course, we’ll have public consultations, which is what we always do whenever we change any sort of guideline.
Question: What are the one or two top priorities you absolutely want to achieve before your term is up?
Julie Dickson: I think we can talk about internal priorities and external priorities. I think what we really need to focus on at OSFI is the integration of the people that we’ve added. We’ve added a lot of people since the financial crisis started. That’s kind of a priority of mine to really work on the integration in the nine months or so that I have left. (continued.)