The Office of the Superintendent of Financial Institutions Act established OSFI in 1987. 

Insurance Companies Act

The compliance elements document has been rescinded, as FRFIs are expected as part of their Legislative Compliance Management program to identify applicable regulatory requirements - please refer to OSFI'S Guideline E-13 - Legislative Compliance Management.

Coming into force of Revised ICA Schedule (Classes of Insurance)

The Order Amending the Schedule to the Insurance Companies Act (revised Schedule) came into effect on June 23, 2006 and is published in the July 12, 2006 issue of the Canada Gazette, Part II (SOR 2006/157).  The Revised Schedule reduces the number of classes of insurance to nineteen and forms the basis for federal class definitions to be harmonized with most provincial and territorial definitions.  The Revised Schedule results from a project undertaken by the Canadian Council of Insurance Regulators, to harmonize the system of classes of insurance used across Canada by reducing the number of classes of insurance, developing one set of common definitions and streamlining the regulatory processes involving classes of insurance.