Office of the Superintendent of Financial Institutions
OSFI is issuing a revised draft
Mortgage Insurer Capital Adequacy Test (MICAT) 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 MICAT 2023 guideline aim to:
The MICAT 2023 guideline also directly incorporates the calculations for First-Time Homebuyer Incentive mortgages (FTHBI) specified in the advisory
MICAT Total Requirements for FTHBI Mortgages. MICAT reporting forms and instructions have been updated to reflect changes to the MICAT guideline.
OSFI is also conducting a quantitative impact study with mortgage 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 Tara-Lea Herkert, Director, Capital Division at
Tara-lea.Herkert@osfi-bsif.gc.ca or at (613) 618-9468.
Ben Gully Assistant Superintendent, Regulation