Office of the Superintendent of Financial Institutions
OSFI is issuing a revised draft
Minimum Capital Test (MCT) 2023 guideline, reporting forms, and instructions for consultation. This consultation marks a key milestone announced in the September 30, 2020
Letter to Federally Regulated Insurers.
Key revisions to the MCT 2023 guideline aim to:
Reporting forms for the MCT calculation under IFRS 17 will be in a new stand-alone return, named the PC4. The new forms and instructions reflect the proposed draft revisions to the MCT guideline.
OSFI is also conducting a quantitative impact study with property and casualty insurers in parallel with this public consultation.
Interested parties are invited to provide comments by September 30, 2021. Please direct your questions or comments to the following mailbox at
Ben Gully Assistant Superintendent, Regulation