OSFI issued its annual update for 2019 to the manual of financial reporting forms and instructions for property and casualty (P&C) insurance companies. As part of the update, OSFI published the final return templates and instructions for Canadian and foreign P&C insurance companies for 2019-20. 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 P&C insurers and branches of foreign P&C insurance companies.
Changes were made to the following:
- Section V (Jurisdictional Requirements) and Section VI (Detailed Instructions) of the P&C instructions
- P&C Annual Supplement (1A), effective fourth quarter of 2019
- P&C Quarterly Return (1Q) effective first quarter of 2020; however, no changes were made to the P&C Quarterly Return (1Q) effective fourth quarter of 2019.
All validation rule reports for the returns listed above will be posted on OSFI website in September. In addition, the letter requests insurers to file a copy of 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 Minimum Capital Test/Branch Adequacy of Assets Test, as at year-end 2020, as well as the Income Statement for 2020. The letter also mentions that the Regulatory Reporting System filing requirements for the Unpaid Claims and Loss Ratio Analysis Exhibit (UCLRE) return will be changing, effective the fourth quarter of 2019. The data submission is changing from an ASCII format to XML format and the new Regulatory Reporting System return code will be UCLRE.
Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, MCT, UCLRE Return, Property and Casualty Insurers, Capital Adequacy, OSFI
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