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
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.