Featured Product

    OSFI Finalizes Guideline E-19, Guideline A-4 and ORSA KMR for Insurers

    December 14, 2017

    OSFI issued final versions of Guideline E-19, Guideline A-4, and the Key Metrics Report for certain insurers. The documents have been updated to reflect the introduction of Guideline A: Life Insurance Capital Adequacy Test (LICAT) for life insurers, to reflect minor updates for property and casualty (P&C) insurers, and to improve overall clarity. The effective date for the guidelines is January 01, 2018.

    The updates were reflected in draft versions of these documents that were published in July 2017 for consultation. The comment period had ended on August 18, 2017. The following is the description of the published documents:

    • Guideline E-19 on Own Risk and Solvency Assessment (ORSA). This guideline sets out expectations of OSFI with respect to the ORSA of federally regulated insurers.
    • Guideline A-4 on Regulatory Capital and Internal Capital Targets. This guideline sets out OSFI’s expectations with regard to the capital and solvency assessment of federally regulated insurers, within the context of OSFI’s Supervisory Framework.
    • Key Metrics Report (KMR) and associated instructions for life and P&C insurers. All federally regulated insurance companies are required to complete a KMR. The KMR form is to be submitted to OSFI at least annually and within 30 days of the ORSA report being reviewed by the insurer’s Board of Directors or signed off by its Chief Agent.

     

    Related Link: Notification and Guidelines

    Effective Date: January 01, 2018

    Keywords: Americas, Canada, Insurance, LICAT, ORSA, Regulatory Capital, KMR, OSFI

    Related Articles
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3665