OSFI revised the instruction guide and form related to filing the Replicating Portfolio Information Summary. The instruction guide is intended to assist administrators of pension plans in completing the Replicating Portfolio Information Summary. An administrator or its agent must file the Replicating Portfolio Information Summary if a pension plan has defined benefit provisions; is registered or has filed an application for registration under the Pension Benefits Standards Act, 1985 (PBSA); and uses a replicating portfolio approach as an alternative settlement method for solvency valuation purposes.
OSFI expects the Replicating Portfolio Information Summary to be submitted with any actuarial report required to be filed. An actuarial report must generally be filed within six months after the end of the plan year to which it relates. An actuarial report may also be filed at other intervals or times. The administrator must file the Replicating Portfolio Information Summary using the Regulatory Reporting System or RRS. The guide does not supersede the requirements of PBSA, the Pension Benefits Standards Regulations, 1985, the Directives of the Superintendent pursuant to the Pension Benefits Standards Act, 1985 (the Directives), or any guidelines that OSFI has issued or may issue regarding the administration of pension plans subject to the PBSA.
Keywords: Americas, Canada, Insurance, Pensions, Pension Benefit Standard Act, Portfolio Information, Reporting, Actuarial Reports, OSFI
Previous ArticleFDIC Releases Economic Scenarios for Stress Testing in 2020
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.
ECB published Decision 2021/752 to amend Decision 2019/1311 on the third series of targeted longer-term refinancing operations or TLTRO III.
The Central Bank of Ireland published Version 2.7 of the draft credit data template and rules for monthly AnaCredit reporting by banks.
OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.
EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.