"2019 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: June 25, 2019
  • 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 V (Jurisdictional Requirements) and Section VI (Detailed Instructions) of the P&C instructions, to the P&C Annual Supplement (1A) effective Q4 2019, and to the P&C Quarterly Return (1Q) effective Q1 2020. Note that no changes were made to the P&C Quarterly Return (1Q) effective Q4 2019.

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

Business Plan for the year 2020

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 Minimum Capital Test / Branch Adequacy of Assets Test as at year-end 2020, as well as the Income Statement for the year 2020. Please include any related narrative you believe would help us to better understand your plans for the year 2020.

Unpaid Claims and Loss Ratio Exhibits (UCLRE)

The RRS filing requirements for the UCLRE return will be changing effective Q4 2019. The data submission is changing from an ASCII format to XML format. The new RRS return code will be UCLRE.

The changes can be viewed on OSFI's Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns > Canadian & Foreign Property and Casualty Insurance Companies > Instructions for the Unpaid Claims and Loss Ratio Exhibits.

Validation Rules

All validation rule reports for the returns listed above will be posted on OSFI's Web site sometime in September.

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