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
BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
EBA Examines Remuneration Data and Use of Large Exposure Exemptions
The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).
BoE Issues Update on Ongoing Data Transformation Program
The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.
EBA Issues Draft Methodology and Templates for 2023 Stress Tests
The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.
EBA Issues SREP Guidelines and Standards for Investment Firms
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.
BoE and PRA Publish Regulatory Updates for Financial Sector Entities
The Prudential Regulatory Authority (PRA) proposed expectations, via CP8/22, in respect of changes to the instruments or claims that comprise unvested deferred sums awarded to material risk-takers as part of their variable pay.
EIOPA Issues Taxonomy for Solvency II Reporting, Issues Other Updates
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.7.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
OSFI Updates Address BCAR Reporting, Basel Reforms, and Cyber Risk
The Office of the Superintendent of Financial Institutions (OSFI) updated the 2023 Basel Capital Adequacy Reporting (BCAR) manual as well as the 2023 BCAR return.
FSB Report Outlines Progress on Climate Risk Roadmap
In a letter to the G20 Leaders, ahead of the July 2022 meeting, the Financial Stability Board (FSB) Chair set out an overview of the key work done by FSB.
SRB Issues Resolvability Assessment and Bail-in Implementation Guide
The Single Resolution Board (SRB) published its resolvability assessment and "heat map" for 2021, updated the operational guidance on implementation of bail-in tool, and issued the annual report for 2021.
