Ottawa's financial regulator is conducting a new round of stress tests on the country's major life insurers to ensure they can withstand a major pandemic or another stock market crash.

The Office of the Superintendent of Financial Institutions is now poring through the results, according to sources familiar with the matter. If it determines that the balance sheets of companies such as Manulife Financial Corp. and Sun Life Financial Inc. would be seriously harmed by such public health or financial shocks, it could demand that those institutions hold more capital.

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