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November 26, 2018

OSFI published the updated final guideline (Guideline B-5) and impact analysis statement on asset securitization for insurance companies. Also published was the OSFI response to the comments received to the consultation on amendments to this guideline. The guideline will become effective on January 01, 2019.

The guideline supplements the Life Insurance Capital Adequacy Test (LICAT), the Minimum Capital Test (MCT), and the Mortgage Insurer Capital Adequacy Test (MICAT). It specifies the capital treatment for securitization exposures, in addition to those arising from investing in securitizations as a third party. The guideline applies to all insurers on an enterprise-wide basis. Insurers should apply the capital treatment in this guideline to traditional securitizations, synthetic securitizations, and other securitization structures that contain features common to both.

The amendments reflect events that have affected securitizations since the guideline was first published in November 2004, including the financial crisis and changes to the Basel framework. The guideline also incorporates relevant content from the Advisory on expected practices in securitization. OSFI plans to repeal the Advisory once the guideline becomes effective on January 01, 2019.

 

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Effective Date: January 01, 2019

Keywords: Americas, Canada, Insurance, Securities, Securitization, Guideline B-5, OSFI

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