The Reinsurance Security Agreement is a critical document used in Canadian reinsurance transactions to protect the interests of ceding insurers and ensure regulatory compliance. It becomes necessary when a reinsurer, particularly a foreign reinsurer, needs to provide collateral to secure its obligations under reinsurance arrangements. The agreement addresses OSFI's regulatory requirements for unlicensed reinsurance and provides detailed mechanisms for establishing, maintaining, and enforcing security arrangements. It includes specific provisions for collateral valuation, top-up requirements, eligible assets, and enforcement rights, ensuring that the ceding insurer's interests are protected while maintaining compliance with Canadian insurance regulations.
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1. Parties: Identifies the reinsurer (grantor of security), the ceding insurer (beneficiary), and any other relevant parties such as custodians
2. Background: Explains the context of the reinsurance relationship and the purpose of the security agreement
3. Definitions: Defines key terms used throughout the agreement, including regulatory and financial terms
4. Grant of Security Interest: Establishes the security interest being granted and the scope of the collateral
5. Collateral Requirements: Specifies the types, amount, and quality of acceptable collateral
6. Valuation and Maintenance: Details how collateral will be valued and requirements for maintaining sufficient collateral levels
7. Rights and Obligations: Sets out the rights and obligations of all parties regarding the collateral
8. Events of Default: Defines what constitutes default and triggers for enforcement
9. Remedies: Specifies available remedies upon default
10. Release and Termination: Conditions for release of security and termination of the agreement
11. Representations and Warranties: Standard and specific representations and warranties from each party
12. General Provisions: Standard contractual provisions including notices, amendments, governing law, etc.
1. Custodian Provisions: Required when a third-party custodian holds the collateral, defining custodian's roles and responsibilities
2. Multiple Jurisdiction Provisions: Required when security arrangements span multiple jurisdictions
3. Foreign Currency Provisions: Required when collateral involves multiple currencies
4. Trust Provisions: Required when collateral is held in trust arrangements
5. Regulatory Compliance: Specific section required when particular regulatory regimes need detailed compliance provisions
6. Inter-creditor Provisions: Required when multiple beneficiaries have claims on the same collateral
1. Schedule A - Collateral Schedule: Detailed listing of initial collateral and specific requirements
2. Schedule B - Valuation Methodology: Detailed procedures for valuing different types of collateral
3. Schedule C - Required Forms: Standard forms for collateral adjustments, notifications, and other regular communications
4. Schedule D - Authorized Persons: List of persons authorized to act on behalf of each party
5. Schedule E - Fee Schedule: If applicable, fees related to custodian services or other third-party services
6. Appendix 1 - Regulatory Requirements: Specific regulatory requirements and compliance procedures
7. Appendix 2 - Operating Procedures: Detailed procedures for day-to-day operation of the security arrangement
Relevant legal definitions
Account
Affiliate
Aggregate Required Amount
Authorized Person
Business Day
Canadian Dollars
Ceding Insurer
Collateral
Collateral Statement
Collateral Value
Control Agreement
Custodian
Default
Defensive Action
Depository
Discount Factor
Effective Date
Eligible Assets
Eligible Securities
Event of Default
Excess Collateral
Foreign Currency
Grantor
Governmental Authority
Initial Required Amount
Investment Income
Loss
Market Value
Material Adverse Effect
Minimum Transfer Amount
OSFI
Permitted Investments
Pledged Assets
Rating Agency
Reinsurance Agreements
Reinsurer
Required Amount
Security Interest
Security Trustee
Subsidiary
Supplemental Required Amount
Top-Up Amount
Trust Account
Trust Agreement
Unauthorized Investments
Valuation Date
Valuation Percentage
Withdrawal Notice
Affiliate
Aggregate Required Amount
Authorized Person
Business Day
Canadian Dollars
Ceding Insurer
Collateral
Collateral Statement
Collateral Value
Control Agreement
Custodian
Default
Defensive Action
Depository
Discount Factor
Effective Date
Eligible Assets
Eligible Securities
Event of Default
Excess Collateral
Foreign Currency
Grantor
Governmental Authority
Initial Required Amount
Investment Income
Loss
Market Value
Material Adverse Effect
Minimum Transfer Amount
OSFI
Permitted Investments
Pledged Assets
Rating Agency
Reinsurance Agreements
Reinsurer
Required Amount
Security Interest
Security Trustee
Subsidiary
Supplemental Required Amount
Top-Up Amount
Trust Account
Trust Agreement
Unauthorized Investments
Valuation Date
Valuation Percentage
Withdrawal Notice
Clauses
Grant of Security Interest
Collateral Requirements
Valuation
Top-Up Requirements
Release of Security
Events of Default
Enforcement Rights
Representations and Warranties
Covenants
Liability and Indemnification
Assignment and Transfer
Confidentiality
Regulatory Compliance
Notices
Governing Law
Dispute Resolution
Force Majeure
Termination
Amendment and Modification
Waiver
Severability
Third Party Rights
Counterparts
Entire Agreement
Further Assurances
Records and Reporting
Account Administration
Investment Guidelines
Currency Conversion
Fees and Expenses
Collateral Requirements
Valuation
Top-Up Requirements
Release of Security
Events of Default
Enforcement Rights
Representations and Warranties
Covenants
Liability and Indemnification
Assignment and Transfer
Confidentiality
Regulatory Compliance
Notices
Governing Law
Dispute Resolution
Force Majeure
Termination
Amendment and Modification
Waiver
Severability
Third Party Rights
Counterparts
Entire Agreement
Further Assurances
Records and Reporting
Account Administration
Investment Guidelines
Currency Conversion
Fees and Expenses
Relevant Industries
Insurance
Reinsurance
Financial Services
Banking
Risk Management
Asset Management
Regulatory Compliance
Financial Security Services
Relevant Teams
Legal
Compliance
Risk Management
Treasury
Finance
Operations
Underwriting
Regulatory Affairs
Investment Management
Collateral Management
Insurance Operations
Portfolio Administration
Relevant Roles
Chief Risk Officer
Reinsurance Manager
Legal Counsel
Compliance Officer
Treasury Manager
Financial Controller
Insurance Operations Director
Collateral Manager
Regulatory Affairs Director
Chief Financial Officer
Underwriting Manager
Portfolio Manager
Risk Analysis Manager
Insurance Regulatory Specialist
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