OSFI Updates Manual of Reporting Forms and Instructions for Insurers
OSFI issued its annual update to the manual of reporting forms and instructions for Canadian mortgage insurance companies. The changes to several reporting forms and instructions were announced in a letter addressed to the Chief Executive Officers of federally regulated Canadian mortgage insurance companies. The letter notifies that, effective from the first quarter of 2020, mortgage insurers will be required to file the MI Financial Quarterly Return (MI1) and the MI Financial Annual Supplement Return (MI2) for the fourth quarter of 2020. Additionally, changes have been made to Section IV (Detailed Instructions) of the Mortgage Insurer Capital Adequacy Test (MICAT) instructions and to the MICAT Quarterly Return, effective for the first quarter of 2020.
OSFI reminds the reporting entities to file a copy of the annual Business Plan (OSFI-640) via the Regulatory Reporting System no later than 60 days after the fiscal year-end. The Business Plan should include a forecast of the Balance Sheet and the Mortgage Insurance Capital Adequacy Test as at year-end 2020 as well as the Income Statement for 2020. OSFI has also updated its page on reporting requirements for federally regulated mortgage insurers.
Related Links
Keywords: Americas, Canada, Insurance, Reporting, MICAT, Mortgage Insurers, Capital Adequacy, Form, Instructions, OSFI
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Trevor Howes
IFRS 17 technical advisor; AXIS actuarial modeling system expert; extensive experience in life insurance and life reinsurance, with focus on modeling, valuation, and financial reporting
Related Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.