OSFI Updates Minimum Capital Test Guideline for P&C Insurers
OSFI released updates to the Minimum Capital Test (MCT) Guideline, which sets out capital requirements for federally regulated property and casualty (P&C) insurance companies. The revised guideline is effective from January 01, 2018.
The revisions follow an annual review, including a public consultation that closed on August 04, 2017. This year’s amendments to the guideline are not substantive. They remove transition requirements that are no longer applicable and provide clarifications to a number of provisions where OSFI has received multiple industry inquiries over the past year.
A draft MCT Guideline reflecting the amendments was published for consultation on June 15, 2017. After reviewing the limited number of comments received from stakeholders, OSFI determined that no further substantive changes to the guideline were required. The guideline provides the framework within which the Superintendent assesses whether a P&C company maintains adequate capital and whether a company operating in Canada on a branch basis maintains an adequate margin. The guideline describes the capital required, using measures based on risks, and defines the capital that is available to meet the minimum standard.
Related Links
Effective Date: January 01, 2018
Keywords: Americas, Canada, Insurance, Property and Casualty Insurance, MCT Guideline, Capital Requirements, OSFI
Previous Article
RBNZ Consults on Audit Requirements for Insurer Data ReturnsNext Article
QFCRA Issues Netting Regulations in 2017Related Articles
|
News
EBA Report Assesses Regulatory Framework for Fintech ActivitiesEBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.
July 18, 2019
WebPage
Regulatory News
|
|
News
OSFI Revises Capital Requirements for Operational Risk for BanksOSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.
July 18, 2019
WebPage
Regulatory News
|
|
News
OSFI Consults on Revised Principles for Management of Liquidity RiskOSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.
July 18, 2019
WebPage
Regulatory News
|
|
News
ESMA Guidance on Disclosures for Credit Rating Sustainability IssuesESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.
July 18, 2019
WebPage
Regulatory News
|
|
News
FASB Issues Q&A on Estimation of Expected Credit Losses by FirmsFASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
July 17, 2019
WebPage
Regulatory News
|
|
News
US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign FundsUS Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.
July 17, 2019
WebPage
Regulatory News
|
|
News
SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billionSRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.
July 17, 2019
WebPage
Regulatory News
|
|
News
FASB to Propose to Delay CECL Compliance Deadline for Certain EntitiesFASB published a summary of the tentative decisions taken at its Board meeting in July 2019.
July 17, 2019
WebPage
Regulatory News
|
|
News
IMF Publishes Report on 2019 Article IV Consultation with VietnamIMF published its staff report in context of the 2019 Article IV consultation with Vietnam.
July 16, 2019
WebPage
Regulatory News
|
|
News
European Parliament Elects Next President of European CommissionEuropean Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.
July 16, 2019
WebPage
Regulatory News
|
