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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

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