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.
Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, MCT, UCLRE Return, Property and Casualty Insurers, Capital Adequacy, OSFI
Previous ArticleIAIS Publishes 2019 Field Testing Package for ICS Version 2.0
Next ArticlePRA Consults on PRA110 Reporting Frequency Threshold
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.