“2017 Annual Update” to the Manual of Financial Reporting Forms and Instructions for Property and Casualty Insurance Companies

Document Properties

  • Type of Publication: Letter
  • Our Files: P1650-7
  • Date: July 26, 2017
  • To:
    • Chief Executive Officers and Chief Agents,
    • Federally Regulated Canadian and branches of Foreign Property and Casualty Insurance Companies
  • From:
    • Ima Okonny
      Director, Regulatory Data Management

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

Changes were made to Section VI of the P&C instructions and changes are being proposed to the P&C Quarterly Return (1Q) effective Q1 2018 and to the P&C Annual Supplement (1A) effective Q4 2018. Note that no changes were made to the P&C Annual Supplement (1A) and P&C Quarterly Return (1Q) effective Q4 2017.

The changes can be viewed on OSFI’s Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns. A detailed summary of all changes can be found under Section VIII of the instructions.

Business Plan for the year 2018

Please provide us with a copy of your annual Business Plan as soon as possible, but no later than when you file your Annual Return for the year 2017.  The Business Plan should include a forecast of the Balance Sheet and the Minimum Capital Test / Branch Adequacy of Assets Test as at year-end 2018, as well as the Income Statement for the year 2018.  Please include any related narrative you believe would help us to better understand your plans for the year 2018.

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.

cc:

  • Provincial and Territorial Superintendents of Insurance
  • Auditors of federally regulated Canadian and Foreign P&C Insurance Companies
  • Insurance Bureau of Canada