OSFI Updates Reporting Forms and Instructions for Life Insurers
OSFI issued the annual update to the manual of financial reporting forms and instructions for life insurance companies and fraternal benefit societies. As part of the update, OSFI published the templates and instructions for Canadian and foreign life insurance companies and fraternal benefit societies for 2019-20. Furthermore, changes to the regulatory forms and instructions of Canadian Council of Insurance Regulators were announced in a letter addressed to the Chief Executive Officers and Chief Agents of federally regulated Canadian life insurance companies and fraternal benefit societies and branches of foreign life insurance companies and fraternal benefit societies.
In specific, changes were made to the following:
- Section VI (Detailed Instructions) of the Life instructions
- Life Annual Supplement (10A), effective fourth quarter of 2019; however, no changes were made to the Life Quarterly Return (10Q) for fourth quarter of 2019 or first quarter of 2020.
- Life Insurance Capital Adequacy Test (LICAT) filing instructions
- LICAT Annual Supplement (LCA) effective fourth quarter of 2019
- LICAT Quarterly Return (LCQ) effective first quarter of 2020
The validation rule reports for the updated returns will be published in September.
Related Links
Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, Capital Adequacy, LICAT, Life Insurance, 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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
ESMA Issues Response to IASB Draft on Amendments to IFRS 17Next Article
BCL Updates Reporting Instructions for AnaCreditRelated Articles
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
HKMA Endorses Industry Guidance to Support LIBOR Transition
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
OCC Issues Booklet on Supervision of Problem Banks
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
MAS Consults on Capital and Reporting Requirements for Market Risk
The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.
FDIC Announces Winners of Tech Sprint to Reach Unbanked Consumers
The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
PRA Letter Sets Out Findings on Reliability of Regulatory Reporting
PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.
APRA Connect to Go Live; APRA to Reduce Reliance on CLF
The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.
