Featured Product

    OSFI Updates Manual of Reporting Forms and Instructions for Insurers

    June 25, 2019

    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. 

     

    Related Links

    Keywords: Americas, Canada, Insurance, Reporting, Validation Rules, Forms and Instructions, MCT, UCLRE Return, Property and Casualty Insurers, Capital Adequacy, OSFI

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514