AMF Revised Capital Adequacy Requirement Guidelines for Insurers
AMF published the revised guideline on capital adequacy requirements (CAR) for life and health insurers as well as property and casualty (P&C) insurers in Quebec. The updated guidelines become effective as of January 01, 2019. The guidelines are intended to enhance the transparency and predictability of the criteria on which AMF is based and to assess whether financial institutions are complying with their obligation to follow sound and prudent management practices.
The risk-based capital adequacy framework is based on an assessment of the degree of insurance, market, credit, and operational risks, by applying varying risk factors and margins. The guideline on CAR outlines the capital framework, using a risk-based formula for target capital requirements and minimum capital requirements, in addition to defining the capital that is available to meet the minimum standard.
Effective Date: January 01, 2019
Keywords: Americas, Canada, Quebec, Insurance, CAR, Life and Health Insurers, Property and Casualty Insurers, AMF
Previous Article
BaFin Decision on Reinsurance Contracts and SPVs Under Solvency IIRelated Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
