CDIC deposit insurance by-law updated: examiner definition clarified, intervention guide renamed, and premium filing rules simplified

Plain-language summary · AI-assisted

Four previously pending amendments to the Canada Deposit Insurance Corporation Deposit Insurance Policy By-law have now taken effect and been incorporated into the consolidated text. The definition of 'examiner' is now spelled out in full, distinguishing between federal member institutions (supervised by the Superintendent) and provincial member institutions (supervised by the Corporation, a designated person, or a relevant provincial government under an agreement). The intervention guide referenced for assessing member institutions has been renamed to the 'Guide to Intervention for Federally Regulated Deposit-Taking Institutions' published by OSFI. Premium filing requirements have been simplified: member institutions now need only submit documents listed under subsection 5(1) of the Differential Premiums By-law, replacing references to a separate declaration, Reporting Form, and subsection 15(1) documents. Record-keeping obligations tied to the Differential Premiums By-law are also updated to reference returns under paragraphs 5(1)(a) and (b) instead of the Reporting Form. A further not-yet-in-force amendment would restructure the rule permitting records to be kept outside Canada by subsidiaries of foreign banks or regulated foreign entities.

Who this affects
CDIC member institutions (federal and provincial) · compliance officers at deposit-taking institutions · provincial regulators party to CDIC agreements · Office of the Superintendent of Financial Institutions (OSFI)