OSFI Publishes Updates on Filing Instructions and Forms Under LICAT
OSFI issued a letter stating that the OSFI-86 and OSFI-87 returns will be discontinued following the completion of the fourth quarter of 2017 filing period, after the annual update letter issued on August 02, 2017.
Life insurance companies and fraternal benefit societies will be required to submit the new forms, based on the new Life Insurance Capital Adequacy Test (LICAT). The new forms comprising LICAT Quarterly Return (LCQ) and LICAT Annual Supplement (LCA) will replace the Minimum Continuing Capital and Surplus Requirements (MCCSR) effective January 01, 2018. The LICAT returns will be subject to late and erroneous filing penalties, as specified in OSFI’s Late and Erroneous Penalty Framework. However, for 2018 reporting period only, the filing due dates have been extended by 28 days for the first quarter; 21 days for the second quarter; 14 days for the third quarter; and 7 days for the fourth quarter/annual reporting period.
Related Link: OSFI Letter
Keywords: Americas, Canada, Insurance, LICAT, LCQ/LCA, Reporting, OSFI
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