OSFI-513/513A - Return of Officers, Auditor and Appointed Actuary for foreign insurance companies

Document properties

  • Type of publication: Instructions / Definitions
  • Revision: 2011

Please note that all changes are * highlighted *

Authority

The information provided in these returns is required pursuant to section 600 of the Bank Act and section 664 of the Insurance Companies Act.

Applicability

This return is only for completion by Authorized Foreign Bank Branches, Foreign Life Insurance Companies, Foreign Property and Casualty Insurance Companies and Foreign Fraternal Benefit Societies.

Filing Deadlines

Form OSFI-513 - no later than 60 days after the end of the financial year.

Form OSFI-513A – within fifteen (15) days of the effective date of the change.

* Both the OSFI-513 and 513A forms are subject to Late penalties, as described in the Late and Erroneous Filing Penalties (LEFP) Administrative Procedures.*

Form Completion

Insert an x into one of the Governing Legislation boxes. Insert the date of the financial year-end. By inserting an x into the box indicated, the form can be converted to an OSFI-513A for reporting changed information (see below). In most cases cells are formatted to wrap text as additional information is added. This form was created in Excel 2000 and is designed for ease of data entry. Use of the Excel format is mandatory for electronic filing purposes.

* The institution code indicated on the form should be the same as the institution code used in the return filing naming convention, as indicated in the ADT User Guide.*

* All functions listed on the form are mandatory unless otherwise specified directly on the form. Changing of the function titles on the form is not permitted. If the officer’s title differs from the title indicated in the first column, please indicate their official title in the Title column.*

Update Reports *(“OSFI-513A”)*

If, following the filing of the Annual Return of Officers, Auditor and Appointed Actuary (OSFI-513), any of the reported information changes, the Financial Institution must file forthwith (within fifteen (15) days of the effective date of the reported change) a Notice of Change of Officers, Auditor or Appointed Actuary (OSFI-513A) (“Notice of Change”) setting forth any vacancy, new or changed information, including any changes in the branch office address. To create a form OSFI-513A, type an x into the Update Report box at the top of the first page.

* When completing an OSFI-513A, please only provide the information for the functions that have changed. Do not provide a complete filing for all positions unless all those positions have changed accordingly.*

Filing Instructions

The Principal Officer, Chief Agent or any other filing officer should complete and file this return with the Office of the Superintendent of Financial Institutions’ Regulatory Information Division. The return may also be completed by the head office outside Canada.

* Hard copies of the return are no longer required. * One electronic copy of the return in Excel format is required via the ADT website at:

https://adtwww.bank-banque-canada.ca/adt.cgi

Change in Chief Agent (for Foreign Insurers)

Financial Institutions are reminded that when there is a change in Chief Agent, the OSFI-513A Return must * be filed with * the Power of Attorney (OSFI-25) form. * A hard copy of the Power of Attorney form with original signatures is still mandatory.*

Change in Principal Officer (for Foreign Bank Branches)

Financial Institutions are reminded that when there is a change in Principal Officer, the OSFI-513A Return must * be filed with * the Power of Attorney (OSFI-512) form. * A hard copy of the Power of Attorney form with original signatures is still mandatory.*

Change of Auditor

Financial Institutions are reminded that an Auditor who resigns, or who receives a notice or otherwise learns that another person is to be appointed in the auditor’s stead, whether by reason of resignation, revocation of appointment or expiry of term of office, shall submit to the Principal Officer or the Chief Agent, and to the Superintendent, a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action. Where an auditor has resigned, or the appointment of an auditor has been revoked, no firm of accountants shall accept an appointment or consent to be ap pointed as auditor until the firm has requested and received from the other auditor a written statement of the circumstances and reasons why the other auditor has resigned or why, in the other auditor’s opinion, the other auditor’s appointment was revoked. If no reply is received from the other auditor within fifteen (15) days after a request for such written statement is made, the new auditor may accept the position. (Refer to sections 590 & 591 of the Bank Act or sections 639 & 640 of the Insurance Companies Act).

The OSFI-513A Return must be used to notify OSFI of any change during the year in the Designated Audit Partner at your institutions’s firm of Auditors.

Change of Appointed Actuary

Foreign Life Insurance Companies, Foreign Property and Casualty Companies, Foreign Fraternal Benefit Societies and Associations are reminded that an actuary who resigns or whose appointment is revoked shall submit to the Chief Agent, and to the Superintendent, a written statement of the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the actuary’s appointment was revoked. Where an actuary resigns or the appointment of an actuary is revoked, no person shall accept an appointment or consent to be appointed as actuary before requesting and receiving from the other actuary the written statement referred to above. If no reply is received from the other actuary within fifteen (15) days after a request for such written statement is made, the new Actuary may accept the position. (Refer to section 627 of the Insurance Companies Act).

Definitions

“Business Continuity/Disaster Recovery Coordinator” includes both the general and pandemic planning coordinator. Please refer to OSFI’s letters of April 2003 and April 2006 on this subject.

“Chief Financial Officer” includes Chief Accountant, VP Finance, Comptroller, etc.

“Chief Anti Money Laundering Officer” means the person responsible for compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the regulations thereunder.

“Emergency E-mail Address” means an e-mail address that can be used in the event of a disaster affecting OSFI operations for specific directed emergency communications with the Financial Institution.

“Financial Institution” refers to an Authorized Foreign Bank under the Bank Act, a Foreign Life Company, a Foreign Property and Casualty Company, a Foreign Fraternal Benefit Society and an Association under the Insurance Companies Act.

“Governing Legislation” refers to the Insurance Companies Act or the Bank Act.

“Salutation” means the title that the addressee wishes to be used on correspondence from OSFI (e.g., Mr., Ms, Mrs., Miss).

“Superintendent” means the Superintendent of Financial Institutions Canada.