Office of the Superintendent of Financial Institutions
OSFI has finalized the
outcomes of the consultation on consequential changes as a result of International Financial Reporting Standard 17 -
Insurance Contracts (IFRS 17). OSFI has also set out plans for further work to refine any elements that remain:
The first annex to this letter provides links to the affected guidelines as they exist now, and to the revised versions that come into effect on January 1, 2023. The guidelines found in Annex 2 are not being amended or replaced. Older versions and guidelines that are no longer in force will be removed from OSFI’s website in December of 2023. The delayed removal (Dec 31/23 vs Jan 1/23) considers the range of federally regulated institution’s year-end implementation dates.
If there are further questions related to this process or the guidelines referenced, please contact
While work towards institutions’ implementation of IFRS 17 remains, the completion of this work demonstrates the value of consulting with the industry in refining and modernizing OSFI’s guidelines to ensure their continued effectiveness.
Federally Regulated Insurers include Canadian branches of foreign life and property and casualty companies, fraternal benefit societies, regulated insurance holding companies and non-operating insurance companies.
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