- Type of Publication : Letter
- To: Federally Regulated Insurers
- Date: July 8, 2015
In March 2014, OSFI published the first version of the ORSA Key Metrics Report (KMR).The KMR form provides a summary overview of the results of the insurer's ORSA process for determining own capital needs and internal targets, per OSFI's expectations outlined in Guidelines A-4: Regulatory Capital and Internal Capital Targets and E-19: Own Risk and Solvency Assessment (ORSA). It is to be submitted to OSFI at least annually, and within 30 days of the ORSA report being reviewed by the Board of Directors or signed off by the Chief Agent.
Today, OSFI is publishing an updated version of the ORSA KMR form and instructions to take into account changes in the 2015 Minimum Capital Test for property and casualty insurers and to assist all insurers in completing the form by clarifying certain aspects of the instructions.
OSFI intends to integrate the KMR form within the Regulatory Reporting System (RRS); more information on this process will be provided at a later date. Until electronic filing via RRS is available for the KMR process, insurers should submit their KMR forms directly to their OSFI Lead Supervisors.
Questions or comments concerning the KMR should be addressed to Diane Gosselin by email at email@example.com.