For Immediate Release
OTTAWA – October 19, 2017 – Office of the Superintendent of Financial Institutions Canada
Today the Office of the Superintendent of Financial Institutions (OSFI) released updates to the Minimum Capital Test (MCT) Guideline which sets out capital requirements for federally regulated property and casualty insurance companies. The revisions follow an annual review, including a public consultation period that closed on August 4, 2017.
This year’s amendments to the Guideline are not substantive. They remove transition requirements that are no longer applicable and provide clarifications to a number of provisions where OSFI has received multiple industry inquiries over the past year.
The revised Guideline is effective January 1, 2018.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
OSFI – Public Affairs