OSFI launches consultation on enhanced assurance expectations

Today the Office of the Superintendent of Financial Institutions (OSFI) launched a ten-week consultation with the publication of a discussion paper, Assurance on Capital, Leverage and Liquidity Returns for federally regulated insurers and deposit-taking institutions. The paper focuses on enhancing and aligning assurance expectations given the increasing complexity arising from the evolving regulatory reporting framework, particularly changes resulting from International Financial Reporting Standards 17 Insurance Contracts and the Basel III reforms.

OSFI welcomes comments and submissions on the discussion paper to help guide the development of enhanced assurance expectations in a subsequent draft guideline. Submissions should be sent to Assurance@osfi-bsif.gc.ca by June 18, 2021.