Advisory on IFRS 17 Transition and Progress Report Requirements

Document Properties

  • Type of Publication: Letter
  • Date:  May 4, 2018
  • To: Federally Regulated Insurers and Insurance Holding Companies (FRIs)Footnote 1

In May 2017, the International Accounting Standards Board released IFRS 17 Insurance Contracts Standard (IFRS 17) with an effective date of January 1, 2021.

To support FRIs in their transition to IFRS 17, OSFI is issuing an advisory regarding:

  1. Early adoption of IFRS 17;
  2. Accounting for financial guarantee contracts; and
  3. Semi-annual progress reporting to OSFI.

Questions regarding the advisory may be directed to David Correia, Director, Accounting Policy Division, by email at david.correia@osfi-bsif.gc.ca or by telephone at (416) 952-6607. 

Sincerely,

Carolyn Rogers
Assistant Superintendent
Regulation Sector

Footnotes

Footnote 1

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.

Return to footnote 1