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September 27, 2018

OSFI, in a letter to the federally regulated Canadian and branches of foreign Property and Casualty (P&C) insurance companies, announced the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions. Changes were made to Section V (Jurisdictional Requirements) and Section VI (Detailed Instructions) of the P&C instructions, along with the P&C Quarterly Return (1Q) that will be effective from the first quarter of 2019.

No changes were made to the P&C Annual Supplement (1A) and the P&C Quarterly Return (1Q) that are effective from the fourth quarter of 2018. A detailed summary of all changes can be found under Section VIII of the instructions. The announcement urges filers to file a copy of the annual Business Plan (OSFI-640) via the Regulatory Reporting System (RRS) 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 2019, along with the Income Statement for 2019. Filers are requested to include any related narrative you believe would help OSFI to better understand the plans for 2019.

Additionally, changes were made to the Mortgage Insurance (MI) Quarterly Return that will be effective from the first quarter of 2019. No changes were made to the MI instructions. Furthermore, the new structured Own Risk and Solvency Assessment (ORSA) Key Metrics Report will be made available for filing in RRS, effective January 2019.

 

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Keywords: Americas, Canada, Insurance, Reporting, P&C Insurance, Mortgage Insurance, ORSA Key Metrics, OSFI

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