OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI. The administrator of a pension plan with defined benefit provisions that has registered or has filed an application for registration under the PBSA, or its agent, must file the Solvency Information Return. OSFI expects the return to be filed annually, before February 15 or within 45 days after the plan year end to which it relates, if later.
The administrator must file the return using the Regulatory Reporting System. The information must be entered directly into the online web form in the Regulatory Reporting System.. The guide does not supersede the requirements of PBSA; Pension Benefits Standards Regulations, 1985; Directives of The Superintendent Pursuant To The Pension Benefits Standards Act, 1985; or the guidelines that OSFI has issued or may issue regarding the administration of pension plans subject to the PBSA.
Keywords: Americas, Canada, Insurance, Solvency Information Return, Pensions, Reporting, Pension Plans, Defined Benefit, OSFI
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.