Office of the Superintendent of Financial Institutions
sought comments over the summer on consequential changes to existing guidelines to reflect the adoption of International Financial Reporting Standard 17 -
Insurance Contracts (IFRS 17). We would like to thank all those that contributed their time and expertise in responding to our request.
Our consultation asked for input on potential risks with proposed deletions, the appropriateness of the changes we proposed and sought other suggestions to refine guidelines to better reflect IFRS 17. The first annex to this letter outlines our proposals, summaries of comments received and our next steps.
The posting of final guidelines will be coordinated with the release of the final insurance capital guidelines in 2022. The rescinded guidelines proposed in the original consultation, found in Annex 2, will be removed from OSFI’s website in December of 2023. This delayed removal considers the range of year-end implementation dates for affected institutions.
Renée Chen Managing Director, Accounting Policy Regulation Sector
The tables below are organized to correspond with the three questions posed in our consultation letter.
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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