Featured Product

    OSFI Consults on Regulatory Forms and Instructions for IFRS 17

    November 21, 2019

    OSFI is seeking views on the draft manual of regulatory forms and instructions for IFRS 17. OSFI published a letter which advises federally regulated insurers of the proposed changes made to the Canadian Council of Insurance Regulators (CCIR) manual of regulatory forms and instructions. The proposed changes ensure that federally regulated insurers will continue to report their financial statements to OSFI in accordance with the Generally Accepted Accounting Principles (GAAP). The public consultation will run till March 21, 2020.

    The consultation encompasses the following regulatory forms and instructions:

    • Life/Property and Casualty (P&C)/Mortgage Insurers Core Financial Statement Return
    • Life/P&C/Mortgage Insurers Supervisory Quarterly Statement Return
    • Life/P&C/Mortgage Insurers Supervisory Annual Supplement Return
    • Life/P&C/Mortgage Insurers Provincial Statement Return
    • The corresponding instructions and validation rules template for each regulatory form

    The legislation governing the federally regulated insurers stipulates that "financial statements shall, except as otherwise specified by OSFI, be prepared in accordance with GAAP, the primary source of which is the Handbook of the Chartered Professional Accountants of Canada." GAAP for the federally regulated insurers is effectively the International Financial Reporting Standard (IFRS) as issued by IASB. Through its authority, OSFI may specify additional accounting guidance or disclosures.

    In May 2017, IASB had issued IFRS 17 on insurance contracts, which replaces IFRS 4, the current insurance accounting standard. IFRS 17 is effective for annual periods beginning on or after January 01, 2021. This means that the federally regulated insurers will be required to publish financial statements and reporting regulatory returns complying with IFRS 17 for their first quarter in the fiscal year beginning on, or after, January 01, 2021. In June 2019, IASB released an exposure draft proposing amendments to IFRS 17, with one of the amendments being a deferral of the effective date of IFRS 17 by one year to January 01, 2022. IASB intends to finalize the IFRS 17 amendments by mid-2020. OSFI expects federally regulated insurers to continue efforts toward implementation in 2021 and to use the extra year (if extended) for testing and quality assurance purposes.

     

    Related Links

    Comment Due Date: March 21, 2020

    Keywords: Americas, Canada, Insurance, IFRS 17, Insurance Contracts, Reporting, Forms and Instructions, GAAP, IFRS 4, IASB, OSFI

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514