OSFI issued the annual update to the manual of financial reporting forms and instructions for life insurance companies and fraternal benefit societies. As part of the update, OSFI published the templates and instructions for Canadian and foreign life insurance companies and fraternal benefit societies for 2019-20. Furthermore, changes to the regulatory forms and instructions of Canadian Council of Insurance Regulators were announced in a letter addressed to the Chief Executive Officers and Chief Agents of federally regulated Canadian life insurance companies and fraternal benefit societies and branches of foreign life insurance companies and fraternal benefit societies.
In specific, changes were made to the following:
- Section VI (Detailed Instructions) of the Life instructions
- Life Annual Supplement (10A), effective fourth quarter of 2019; however, no changes were made to the Life Quarterly Return (10Q) for fourth quarter of 2019 or first quarter of 2020.
- Life Insurance Capital Adequacy Test (LICAT) filing instructions
- LICAT Annual Supplement (LCA) effective fourth quarter of 2019
- LICAT Quarterly Return (LCQ) effective first quarter of 2020
The validation rule reports for the updated returns will be published in September.
Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, Capital Adequacy, LICAT, Life Insurance, OSFI
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