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.
Keywords: Americas, Canada, Insurance, Pensions, Pension Benefit Standard Act, Portfolio Information, Reporting, Actuarial Reports, OSFI
Previous ArticleFDIC Releases Economic Scenarios for Stress Testing in 2020
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.