Life Insurance Capital Adequacy Test – Filing Instructions and Forms

Document Properties

  • Type of Publication: Letter
  • Our File:  P1650-7
  • Date: December 15, 2017
  • To: 
    • Chief Executive Officers and Chief Agents,
    • Federally Regulated Canadian Life Insurance Companies and Fraternal Benefit Societies and Branches of Foreign Life Insurance Companies and Fraternal Benefit Societies
  • From: 
    • Ima Okonny
    • Director, Regulatory Data Management, OSFI

Further to our August 2, 2017 Annual Update letter, we would like to remind you that the OSFI-86 and OSFI-87 returns will be discontinued following the completion of the Q4 2017 filing period.

Life insurance companies and fraternal benefit societies will be required to submit new forms based on Guideline A: Life Insurance Capital Adequacy Test (LICAT), which replaces Guideline A: Minimum Continuing Capital and Surplus Requirements (MCCSR), effective January 1, 2018. The new forms are comprised of LICAT Quarterly Return (LCQ) and LICAT Annual Supplement (LCA), referred together as LICAT returns.

The LICAT general filing instructions, return templates and validation rules can now be viewed on OSFI’s Web site at under Regulatory Data and Returns > Filing Financial Returns > LICAT General Filing Instructions and Forms.

The LICAT returns will be subject to late and erroneous filing penalties, as specified in OSFI’s Late and Erroneous Penalty Framework. For 2018 reporting period only, the filing due dates have been extended as follows:

Reporting period Extension (calendar days)
Q1 28
Q2 21
Q3 14
Q4/Annual 7

Additional Information / Questions

If you require additional information or have any questions about completing or filing the LICAT returns, please contact OSFI’s Returns Administration via email at


  • Provincial and Territorial Superintendents of Insurance
  • Canadian Life and Health Insurance Association
  • Canadian Fraternal Association
  • Auditors of federally regulated Canadian and Foreign Life Insurance Companies and Fraternal Benefit Societies