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1. www.osfi-bsif.gc.ca › en › data-formsGeneral Guidelines for Use of Letters of Credit (LOC’s)

   www.osfi-bsif.gc.ca › en › data-forms

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   Letters of Credit must adhere strictly to OSFI’s standard wording. There are two different LOCs that may be used – one for Unregistered Reinsurance and one for Self-Insured Retention (“SIR”). Applicants should instruct the issuing bank which type of LOC is required. Templates are posted on OSFI’s website.

2. www.osfi-bsif.gc.ca › en › data-formsOSFI Revises General Guidelines for Use of Letters of Credit

   www.osfi-bsif.gc.ca › en › data-forms

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   Letters of credit (LOC) for unregistered reinsurance are considered a direct credit substitute. They are subject to risk factors based on the credit rating of the issuing/confirming bank and the term of the liabilities covered by the reinsurance contracts held.

3. www.osfi-bsif.gc.ca › letters-creditLetters of Credit - Office of the Superintendent of Financial ...

   www.osfi-bsif.gc.ca › letters-credit

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   Letters of credit that comply with the conditions prescribed in the Pension Benefits Standards Regulations, 1985 may be used to satisfy solvency special payments, up to a limit of 15% of the solvency liabilities of the plan as determined at the valuation date.

4. www.tol.ca › irrevocable-letter-of-creditIrrevocable Letter of Credit - Township of Langley - tol.ca

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   Township of Langley's Irrevocable Letter of Credit required form is for works and services installed in conjunction with development applications, soil deposit applications, and development cost charges. This form is also necessary for competitive bid requirements.

5. www.canadainsurancelaw.com › osfi-introduces-newOSFI introduces new guidelines for use of Letters of Credit ...

   www.canadainsurancelaw.com › osfi-introduces-new

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   Nov 17, 2023 · There are two different LOCs that may be used – one for Unregistered Reinsurance and one for SIR. Applicants should instruct the issuing bank as to which type of LOC is required. Templates are posted on OSFI’s website. For the FRI to obtain a capital credit for an LOC, the LOC must be approved by the Superintendent.

6. www.rbcroyalbank.com › business › pdfApplication and Agreement for Standby Letter of Credit or ...

   www.rbcroyalbank.com › business › pdf

   The Customer shall provide for all bills of exchange, drafts, cable and written demands for payments and receipts drawn or issued under a Credit (a "Drawing") by payment of the amounts thereof to the Bank in accordance with the following provisions:

7. People also ask

   What is a letter of credit (LOC) for unregistered reinsurance?

   • Letters of credit (LOC) for unregistered reinsurance are considered a direct credit substitute. They are subject to risk factors based on the credit rating of the issuing/confirming bank and the term of the liabilities covered by the reinsurance contracts held. OSFI will recognize an approved LOC as security for the purposes of:

   OSFI Revises General Guidelines for Use of Letters of Credit

   www.osfi-bsif.gc.ca/en/data-forms/applications-approvals/osfi-revises-general-guidelines-use-letters-credit

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   How do I get a capital credit for a LOC?

   • Templates are posted on OSFI’s website. For the FRI to obtain a capital credit for an LOC, the LOC must be approved by the Superintendent. Any change in the amount of this LOC must be approved by the Superintendent. LOCs from foreign banks must have a separate confirming letter from a Canadian bank.

   OSFI introduces new guidelines for use of Letters of Credit by

   www.canadainsurancelaw.com/osfi-introduces-new-guidelines-for-use-of-letters-of-credit-by-federally-regulated-insurers/

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   What are the requirements for a letter of credit?

   • The letter of credit must be irrevocable and be subject to International Standby Practices (ISP98). LOCs must be for a fixed term of at least one year. LOCs must be for a stipulated dollar amount. LOCs must be evergreen, unconditional and be in the currency of the business reinsured, issued or confirmed by a Canadian financial institution.

   General Guidelines for Use of Letters of Credit (LOC’s)

   www.osfi-bsif.gc.ca/en/data-forms/applications-approvals/general-guidelines-use-letters-credit-locs

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   How do I request a LOC?

   • The applicant requests an LOC from the issuing bank. If the issuing bank is a foreign bank, the LOC requires confirmation of a Canadian bank. Issuer (bank) sends original (or amendment) to the Insurance Company (Canadian or Foreign Company) for review. The Insurance Company will ensure details are correct and that the LOC meets OSFI Guidelines.

   General Guidelines for Use of Letters of Credit (LOC’s)

   www.osfi-bsif.gc.ca/en/data-forms/applications-approvals/general-guidelines-use-letters-credit-locs

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   Can a foreign bank issue a letter of credit?

   • If the LOC is issued by a foreign bank, the bank address shown in the body of the LOC can be either that of issuing bank or of the Canadian confirming bank (in practice the Canadian bank’s address is usually used). The letter of credit must be irrevocable and be subject to International Standby Practices (ISP98).

   General Guidelines for Use of Letters of Credit (LOC’s)

   www.osfi-bsif.gc.ca/en/data-forms/applications-approvals/general-guidelines-use-letters-credit-locs

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   Do LOCS have a confirming letter from a Canadian Bank?

   • LOCs from foreign banks must have a separate confirming letter from a Canadian bank. If the LOC is issued by a foreign bank, the bank address shown in the body of the LOC can be either that of issuing bank or of the Canadian confirming bank (in practice the Canadian bank’s address is usually used).

   General Guidelines for Use of Letters of Credit (LOC’s)

   www.osfi-bsif.gc.ca/en/data-forms/applications-approvals/general-guidelines-use-letters-credit-locs

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8. www.rbcroyalbank.com › business › document_formsDocuments, Forms & Guides - RBC Royal Bank

   www.rbcroyalbank.com › business › document_forms

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   Dec 1, 2023 · For your convenience, some forms can be filled in online. The Master Client Agreement for Business Clients governs the provision of Royal Bank of Canada’s services to business clients. It is comprised of many parts, including the terms and conditions available here.