Guideline at a glance

Summary of Assurance Expectations for Federally Regulated Insurers

Table 1 – External Audit
IndustryRegulatory Return / ScheduleFiling RequirementFrequency
Life InsurerLICAT Schedule 10.100 / LIMAT Schedule 120.000Within 90 days of fiscal year-endTable 1 - External Audit footnote 1Annual at year-end reporting date beginning fiscal 2025
P&C InsurerMCT / BAAT Schedule 10.00Within 90 days of fiscal year-endTable 1 - External Audit footnote 1Annual at year-end reporting date beginning fiscal 2025
Mortgage InsurerMICAT Schedule 10.10Within 90 days of fiscal year-endAnnual at year-end reporting date beginning fiscal 2025

Table 1 – External Audit footnotes

Table 1 – External Audit footnote 1

Foreign Life/P&C entities may retain their May 31 filing schedules for the LIMAT/BAAT. 

Return to Table 1 – External Audit footnote 1 referrer

Table 2 – Senior Management Attestation and ReviewTable 2 - Senior Management Attestation and Review footnote 1
IndustryRegulatory Return / ScheduleFiling RequirementFrequency
Life InsurerLICAT / LIMAT COVER ScheduleAccording to quarterly filing requirementsQuarterly beginning fiscal 2024
P&C InsurerMCT / BAAT COVER ScheduleAccording to quarterly filing requirementsQuarterly beginning fiscal 2024
Mortgage InsurerMICAT COVER ScheduleAccording to quarterly filing requirementsQuarterly beginning fiscal 2024

Table 2 - Senior Management Attestation and Review footnotes

Table 2 - Senior Management Attestation and Review footnote 1

On an annual basis, management attestation submissions are to be accompanied with the FRFI’s summary of unadjusted errors impacting the calculation of regulatory ratios. 

Return to Table 2 - Senior Management Attestation and Review footnote 1 referrer

Table 3 – Internal Audit
IndustryRegulatory ReturnFiling RequirementFrequency
Life InsurerLICAT / LIMATWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
P&C InsurerMCT / BAATWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
Mortgage InsurerMICATWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review

Summary of Assurance Expectations for Deposit-Taking Institutions

Table 1 – External Audit
IndustryRegulatory Return / ScheduleFiling RequirementFrequency
D-SIBBCAR Schedule 10.010
LRR Leverage & TLAC Leverage Ratios Schedule
LCRTable 1 – External Audit footnote 1, NSFRTable 1 – External Audit footnote 2
Within 90 days of fiscal year-endAnnual at year-end reporting date beginning fiscal 2025
SMSB Category IBCAR Schedule 10.010
LRR Leverage & TLAC Leverage Ratios Schedule
LCRTable 1 – External Audit 1, NSFRTable 1 – External Audit footnote 2
Within 90 days of fiscal year-endAnnual at year-end reporting date beginning fiscal 2025
SMSB Category IIBCAR Schedule 10.010
LRR Leverage & TLAC Leverage Ratios Schedule
LCRTable 1 – External Audit 1
Within 90 days of fiscal year-endBiennial at year-end reporting date beginning fiscal 2025
SMSB Category IIIBCAR Schedule 10.011Within 90 days of fiscal year-endBiennial at year-end reporting date beginning fiscal 2025

Table 1 – External Audit footnotes

Table 1 – External Audit footnote 1

To better capture potential currency mismatches, LCR should be evaluated in significant currencies for the purposes of OSFI’s assurance requirements. 

Return to Table 1 – External Audit footnote 1 referrer

Table 1 – External Audit footnote 2

For SMSBs, assurance on NSFR is only required of Category I SMSBs with significant reliance on wholesale funding.

Return to Table 1 – External Audit footnote 2 referrer

Table 2 – Senior Management Attestation and ReviewTable 2 - Senior Management footnote 1
IndustryRegulatory Return / ScheduleFiling RequirementFrequency
D-SIBBCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new)According to quarterly filing requirementsEffective beginning fiscal 2024
SMSB Category IBCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new)According to quarterly filing requirementsEffective beginning fiscal 2024
SMSB Category IIBCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Streamlined NCCF Cover Schedule (new)According to quarterly filing requirementsEffective beginning fiscal 2024Table 2 - Senior Management footnote 2
SMSB Category IIIBCAR Cover Schedule (new) / OCFS Cover Schedule (new)According to quarterly filing requirementsEffective beginning fiscal 2024Table 2 - Senior Management footnote 2

Table 2 - Senior Management Attestation and Review footnotes

Table 2 - Senior Management footnote 1

On an annual basis, management attestation submissions are to be accompanied with the FRFI’s summary of any unadjusted errors impacting the calculation of regulatory ratios. 

Return to Table 2 - Senior Management footnote 1 referrer

Table 2 - Senior Management footnote 2

Category II and III SMSBs may review and attest biennially. 

Return to Table 2 - Senior Management footnote 2 referrer

Table 3 – Internal Audit
IndustryRegulatory ReturnFiling RequirementFrequency
D-SIBBCAR / LRR / LCR / NSFR / Comprehensive NCCFWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category IBCAR / LRR / LCR / NSFR / Comprehensive NCCFWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category IIBCAR / LRR / LCR / Streamlined NCCFWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category IIIBCAR / OCFSWithin 90 days of fiscal year-endEffective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review