“2021 Annual Update” to the Manual of Financial Reporting Forms and Instructions for Canadian Mortgage Insurance Companies

Document Properties

  • Type of Publication: Letter
  • Date: November 5, 2021
  • Our File: P1650-7
  • To:
    • Chief Executive Officers
      Federally Regulated Canadian Mortgage Insurance Companies
  • From:
    • Andrew Miller
      Chief Data Officer

This is to advise you of the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions.

Minor changes were made to Section I (Introduction), Section IV (Detailed Instructions) and Section V (Jurisdictional Requirements) of the MI instructions effective for 2021. Note that no changes were made to the MI Annual Supplement (MI2) or Quarterly Return (MI1) for Q4 2021 or Q1 2022.

The new forms and instructions can be viewed on OSFI’s Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns > Canadian Mortgage Insurance Companies > Manual of Reporting Forms and Instructions. A detailed summary of all the changes can be found under Section VI of the instructions.

Business Plan for the year 2022

Please file a copy of your annual Business Plan (OSFI-640) via the Regulatory Reporting System (RRS) no later than 60 days after your fiscal year end. The Business Plan should include a forecast of the Balance Sheet and the Mortgage Insurance Capital Adequacy Test as at year-end 2022, as well as the Income Statement for the year 2022. Please include any related narrative you believe would help us to better understand your plans for the year 2022.

Mortgage Insurers Capital Adequacy Test (MI)

No changes were made to the MICAT instructions or the MICAT Quarterly Return effective Q1 2022.

Additional information

If you need additional information, please contact your company's Lead Supervisor at OSFI. If you have any questions about completing or filing the financial returns, please call Returns Administration at (613) 991-0609 or email at RA‑RRS.Support@osfi‑bsif.gc.ca.

cc:

  • Provincial and Territorial Superintendents of Insurance
  • Auditors of federally regulated Canadian Mortgage Insurance Companies
  • Insurance Bureau of Canada