Maybe just as a preamble to that, I will say that we are a crown corporation. As set out in the Financial Administration Act, there's a very stringent regulatory framework that governs us, including annual audits by the Office of the Auditor General, as well as a special examination every five years of all of our systems and practices at CMHC. From a mortgage insurance perspective, we have external actuaries that opine on the adequacy of all of our reserves every year, so there is in fact a very stringent regulatory process in place for us as a crown corporation.
While we're not regulated by OSFI, by virtue of being a crown corporation not existing under any acts that OSFI regulates, we do follow their capital requirements with regard to mortgage insurance. In order to conduct our business properly, we capitalize ourselves and have the same systems and practices that a private mortgage insurer would have. Really, that's one of the things that underpins, I guess, the insured mortgage purchase program, in that all of the mortgages purchased through that program are already insured. That insurance is provided either by CMHC, which follows OSFI, or by private mortgage insurers, which are regulated by OSFI.
So already in terms of comfort to this committee, the established procedures are stringent, and the IMPP is only able to purchase already insured mortgages. As the committee knows, there's government backing of those mortgages. There's no purchase in that program of non-government-backed insured mortgages.