Featured Product

    OSFI Updates Manual of Reporting Forms and Instructions for Insurers

    June 25, 2019

    OSFI issued its annual update for 2019 to the manual of financial reporting forms and instructions for property and casualty (P&C) insurance companies. As part of the update, OSFI published the final return templates and instructions for Canadian and foreign P&C insurance companies for 2019-20. 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 P&C insurers and branches of foreign P&C insurance companies.

    Changes were made to the following:

    • Section V (Jurisdictional Requirements) and Section VI (Detailed Instructions) of the P&C instructions
    • P&C Annual Supplement (1A), effective fourth quarter of 2019
    • P&C Quarterly Return (1Q) effective first quarter of 2020; however, no changes were made to the P&C Quarterly Return (1Q) effective fourth quarter of 2019.

    All validation rule reports for the returns listed above will be posted on OSFI website in September. In addition, the letter requests insurers to file a copy of annual Business Plan (OSFI-640) via the Regulatory Reporting System no later than 60 days after the fiscal year-end. The Business Plan should include a forecast of the Balance Sheet and the Minimum Capital Test/Branch Adequacy of Assets Test, as at year-end 2020, as well as the Income Statement for 2020. The letter also mentions that the Regulatory Reporting System filing requirements for the Unpaid Claims and Loss Ratio Analysis Exhibit (UCLRE) return will be changing, effective the fourth quarter of 2019. The data submission is changing from an ASCII format to XML format and the new Regulatory Reporting System return code will be UCLRE. 

     

    Related Links

    Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, MCT, UCLRE Return, Property and Casualty Insurers, Capital Adequacy, OSFI

    Featured Experts
    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7311