OSFI on Guide and Form for Replicating Portfolio Information Summary
OSFI revised the instruction guide and form related to filing the Replicating Portfolio Information Summary. The instruction guide is intended to assist administrators of pension plans in completing the Replicating Portfolio Information Summary. An administrator or its agent must file the Replicating Portfolio Information Summary if a pension plan has defined benefit provisions; is registered or has filed an application for registration under the Pension Benefits Standards Act, 1985 (PBSA); and uses a replicating portfolio approach as an alternative settlement method for solvency valuation purposes.
OSFI expects the Replicating Portfolio Information Summary to be submitted with any actuarial report required to be filed. An actuarial report must generally be filed within six months after the end of the plan year to which it relates. An actuarial report may also be filed at other intervals or times. The administrator must file the Replicating Portfolio Information Summary using the Regulatory Reporting System or RRS. The guide does not supersede the requirements of PBSA, the Pension Benefits Standards Regulations, 1985, the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives), or any guidelines that OSFI has issued or may issue regarding the administration of pension plans subject to the PBSA.
Related Links
Keywords: Americas, Canada, Insurance, Pensions, Pension Benefit Standard Act, Portfolio Information, Reporting, Actuarial Reports, OSFI
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
FDIC Releases Economic Scenarios for Stress Testing in 2020Related Articles
CBUAE Issues Regulation for Low-Risk Specialized Banks
CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.
APRA Proposes Guidance to Support Prudential Standard on Remuneration
APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.
MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions
MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.
PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules
PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.
EIOPA Launches Consultation on Interbank Offered Rate Transitions
EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.
EIOPA Seeks Feedback on Approach to Blockchain and Smart Contracts
EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.
HKMA Outlines Work Priorities for 2021, Grants License to NH Bank
HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.
PRA Proposes Options for Regulatory Framework for Non-Systemic Banks
PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.
ECB Issues Opinion on Proposal for Market Infrastructures Based on DLT
ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.
EBA Proposes Standards to Determine Risk-Weight for Immovable Property
EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.
