General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
July 14, 2017

OSFI published draft “Guideline E-19: Own Risk and Solvency Assessment (ORSA),” “Guideline A-4: Regulatory Capital and Internal Capital Targets,” and forms for ORSA Key Metrics Report (KMR). The consultation on these documents closes on August 18, 2017 and the guidelines become effective on January 01, 2018.

The Guideline E-19 sets out OSFI’s expectations about the ORSA of federally regulated insurers. The Guideline A-4 sets out OSFI’s expectations on the capital and solvency assessment of federally regulated insurers within the context of its supervisory framework. The ORSA KMR form provides a summary of the results of the insurer's ORSA process for determining own capital needs and internal targets, as per OSFI's expectations (outlined in Guidelines A-4 and E-19). OSFI released a public consultation for the revised versions of the mentioned documents. The updates are largely a result of the upcoming introduction of Life Insurance Capital Adequacy Test (LICAT) in 2018 for life insurers. The LICAT will result in a number of changes to the current life insurance capital framework, which must be reflected in all relevant OSFI guidance. OSFI also published ORSA KMR and accompanying instructions. All federally regulated insurance companies are required to complete a KMR. The KMR is to be submitted to OSFI at least annually and within thirty days of the ORSA report being reviewed by the federally regulated insurance companies’ Board of Directors or signed off by the Chief Agent. To help complete the KMR, OSFI has provided separate KMR instructions for life insurers and property and casualty insurers.


Related Links

Guideline E-19 (PDF)

Guideline A-4 (PDF)


KMR Instructions for P&C Insurers (PDF)

KMR Instructions for Life Insurers (PDF)


Comment Due Date: August 18, 2017

Effective Date: January 01, 2018

Keywords: Americas, Canada, Insurance, LICAT, Guideline, Regulatory Capital, ORSA, OSFI

Related Articles

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 16, 2019 WebPage Regulatory News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News

OSFI Finalizes Guidelines on Liquidity Adequacy and NSFR Disclosures

OSFI published the final Liquidity Adequacy Requirements (LAR) guideline and the net stable funding ratio (NSFR) disclosure requirements guideline.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2920