DeemedRetractible Review: September, 2016

As an example of DeemedRetractible analysis, and as an aid to PrefLetter subscribers who are referred to previous issues, I am publishing the PrefLetter DeemedRetractible Review September 2016. It’s rather a large file!

This is notable for its lengthy argument justifying my belief that the NVCC rules currently applied to banks will be extended by OSFI to preferred shares issued by insurers and insurance holding companies. This argument has recently been buttressed by OSFI’s public commentary on the revision of the global insurance rules, as reported in the post OSFI Dovish on Insurance Tier 1 Eligibility Rule.

Update, 2018-11-3: Consultations continue as we slowly grind to a resolution of this issue. See Comment Period Expires for IAIS Public Consultation on ICS 2.0.

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