OSFI Updates Manual of Reporting Forms and Instructions for Insurers
OSFI issued its annual update to the manual of reporting forms and instructions for Canadian mortgage insurance companies. The changes to several reporting forms and instructions were announced in a letter addressed to the Chief Executive Officers of federally regulated Canadian mortgage insurance companies. The letter notifies that, effective from the first quarter of 2020, mortgage insurers will be required to file the MI Financial Quarterly Return (MI1) and the MI Financial Annual Supplement Return (MI2) for the fourth quarter of 2020. Additionally, changes have been made to Section IV (Detailed Instructions) of the Mortgage Insurer Capital Adequacy Test (MICAT) instructions and to the MICAT Quarterly Return, effective for the first quarter of 2020.
OSFI reminds the reporting entities to file a copy of the annual Business Plan (OSFI-640) via the Regulatory Reporting System no later than 60 days after the fiscal year-end. The Business Plan should include a forecast of the Balance Sheet and the Mortgage Insurance Capital Adequacy Test as at year-end 2020 as well as the Income Statement for 2020. OSFI has also updated its page on reporting requirements for federally regulated mortgage insurers.
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Keywords: Americas, Canada, Insurance, Reporting, MICAT, Mortgage Insurers, Capital Adequacy, Form, Instructions, OSFI
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