OSFI is consulting on a draft guideline on the Life Insurance Capital Adequacy Test (LICAT) Public Disclosure Requirements. The guideline clarifies OSFI’s expectations on simple, useful, and comparable public disclosures for federally regulated life insurance companies and insurance holding companies. Comments are due by October 20, 2017.
LICAT is a capital solvency framework that measures the overall quality of available capital and aligns the measurement of risk with the economic realities of the life insurance business. This guideline is applicable to federally regulated life insurance companies (including fraternal benefit societies) and insurance holding companies. OSFI will consider the comments received in developing the final version of the guideline. It will also publish a non-attributed summary of the industry comments received on its website when the final guideline is released.
Comment Due Date: October 20, 2017
Effective Date: December 31, 2018
Keywords: Americas, Canada, OSFI, Insurance, Disclosure Requirements, LICAT, Guideline, Capital Adequacy
Previous ArticleESMA Issues Position Management Controls for Commodity Derivatives
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.