Assurance on Capital, Leverage and Liquidity Returns – Guideline at a glance (2022)

Information
Publication type
Guideline at a glance
Category
Accounting and Disclosure
Date
Sector
Banks,
Life Insurance and Fraternal Companies,
Property and Casualty Companies,
Trust and Loan Companies
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Table of contents
Accompanying documents

Summary of Assurance Expectations for Federally Regulated Insurers

Table 1 – External Audit
Industry Regulatory Return / Schedule Filing Requirement Frequency
Life Insurer LICAT Schedule 10.100 / LIMAT Schedule 120.000 Within 90 days of fiscal year-endTable 1 - External Audit footnote 1 Annual at year-end reporting date beginning fiscal 2025
P&C Insurer MCT / BAAT Schedule 10.00 Within 90 days of fiscal year-endTable 1 - External Audit footnote 1 Annual at year-end reporting date beginning fiscal 2025
Mortgage Insurer MICAT Schedule 10.10 Within 90 days of fiscal year-end Annual 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
Industry Regulatory Return / Schedule Filing Requirement Frequency
Life Insurer LICAT / LIMAT COVER Schedule According to quarterly filing requirements Quarterly beginning fiscal 2024
P&C Insurer MCT / BAAT COVER Schedule According to quarterly filing requirements Quarterly beginning fiscal 2024
Mortgage Insurer MICAT COVER Schedule According to quarterly filing requirements Quarterly 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
Industry Regulatory Return Filing Requirement Frequency
Life Insurer LICAT / LIMAT Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
P&C Insurer MCT / BAAT Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
Mortgage Insurer MICAT Within 90 days of fiscal year-end Effective 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
Industry Regulatory Return / Schedule Filing Requirement Frequency
D-SIB BCAR 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-end Annual at year-end reporting date beginning fiscal 2025
SMSB Category I BCAR 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-end Annual at year-end reporting date beginning fiscal 2025
SMSB Category II BCAR Schedule 10.010
LRR Leverage & TLAC Leverage Ratios Schedule
LCRTable 1 – External Audit 1		 Within 90 days of fiscal year-end Biennial at year-end reporting date beginning fiscal 2025
SMSB Category III BCAR Schedule 10.011 Within 90 days of fiscal year-end Biennial 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
Industry Regulatory Return / Schedule Filing Requirement Frequency
D-SIB BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new) According to quarterly filing requirements Effective beginning fiscal 2024
SMSB Category I BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new) According to quarterly filing requirements Effective beginning fiscal 2024
SMSB Category II BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Streamlined NCCF Cover Schedule (new) According to quarterly filing requirements Effective beginning fiscal 2024Table 2 - Senior Management footnote 2
SMSB Category III BCAR Cover Schedule (new) / OCFS Cover Schedule (new) According to quarterly filing requirements Effective 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
Industry Regulatory Return Filing Requirement Frequency
D-SIB BCAR / LRR / LCR / NSFR / Comprehensive NCCF Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category I BCAR / LRR / LCR / NSFR / Comprehensive NCCF Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category II BCAR / LRR / LCR / Streamlined NCCF Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category III BCAR / OCFS Within 90 days of fiscal year-end Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
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