Property and Casualty - Memorandum to the Appointed Actuary 2019

Document Properties

  • Type of Publication: Letter
  • Date: September 6, 2019
  • To: Federally Regulated Property and Casualty Insurance Companies and Canadian Branches of Foreign Insurance Companies
  • From: Chris Townsend, Senior Director, Actuarial Division, Insurance Supervision Sector
  • Copy: Appointed Actuaries of Federally Regulated Property and Casualty Insurance Companies and Canadian Branches of Foreign Insurance Companies

Every year, OSFI updates the Property and Casualty Memorandum to the Appointed Actuary (the Memorandum), that is issued pursuant to subsection 667(2) of the Insurance Companies Act.

This Memorandum can be found on the OSFI website in English and French respectively at:

Please note that the electronic filing of the Unpaid Claims and Loss Ratio Analysis Exhibit is due at the same time as the P&C Return. Electronic filing instructions for the exhibit are available separately from this Memorandum.

The Memorandum specifies the contents of the annual Appointed Actuary's Report to OSFI. Changes to Memorandum includes:

  1. Section 7.5: Revised the disclosure requirements to include target percentage of the base salary for variable compensation where applicable.
  2. Section 8.2 and Appendix II: Unpaid Claims and Loss Ratio Analysis Exhibits
    • Added claim count information
    • Added total undiscounted unpaid claims and adjusted expenses and reported claim counts to date as at prior year-end
    • Removed information with respect to discounted loss ratio
    • Effective Q4 2019, the data submission for the UCLRE return is changing from an ASCII format to XML format.

Should you have any questions, please do not hesitate to contact James Yang at 416-952-2883 or at gangjames.yang@osfi-bsif.gc.ca.

Chris Townsend
Senior Director
Actuarial Division
Insurance Supervision Sector