OSFI Updates Manual of Forms and Instructions for Life Insurers
OSFI issued the 2017 Annual Update to the Manual of Financial Reporting Forms and Instructions. These updates are intended for life insurance companies and fraternal benefit societies, along with the branches of foreign life insurance companies and fraternal benefit societies.
The changes were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions. The key changes are as follows:
LIFE—Annual Supplement/Quarterly Returns and Instructions. Instructions and changes are being proposed to the Life Quarterly Return (10Q), effective from the first quarter of 2018, and to the Life Annual Supplement (10A), effective from fourth quarter of 2018. Note that no changes were made to the Life Annual Supplement (10A) and Life Quarterly Return (10Q), effective from the fourth quarter of 2017.
MCCSR/TAAM Forms OSFI-87/OSFI-86 and LICAT Forms LCQ/LCA. The OSFI-86 and OSFI-87 returns are being discontinued, effective from the first quarter of 2018. Life insurance companies and fraternal benefit societies will be required to submit the new forms, comprising LCQ Return and LCA Supplement, based on the new Life Insurance Capital Adequacy Test (LICAT), which will replace the Minimum Continuing Capital and Surplus Requirements (MCCSR) effective January 01, 2018.
Related Links
Manual of Forms and Instructions
OSFI-86 and OSFI-87 Forms and Instructions
Keywords: Americas, Canada, Insurance, LICAT, LCQ/LQA, Reporting, OSFI
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