The Office of the Superintendent of Financial Institutions has sent letters about pandemic preparations to three industry associations, the Insurance Bureau of Canada, the Canadian Bankers Association, and the Canadian Life and Health Insurance Association.

In the letter, OSFI notes that in recent months increasing attention has been paid to the possibility of an outbreak of avian flu. “While public health experts cannot predict whether an easily communicable human strain of avian flu will result in a serious outbreak of influenza in the near future, the potential for such an outbreak raises significant issues in terms of business continuity and resilience practices,” it says. OSFI adds that it believes the financial sector should be aware of the potential for an outbreak and that financial institutions should consider how such an event could impact their operations.

OSFI reports that it is, “discussing approaches to pandemic planning with selected financial institutions and domestic and international regulatory agencies to develop an understanding of challenges associated with and possible best practices in relation to pandemic planning.” As such, it is seeking information on any initiatives undertaken by the industry associations in preparation for a pandemic.