Office of the Superintendent of Financial Institutions
This is to advise you of the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions.
Changes were made to Section VI of the Life instructions and changes are being proposed to the Life Quarterly Return (10Q) effective Q1 2018 and to the Life Annual Supplement (10A) effective Q4 2018. Note that no changes were made to the Life Annual Supplement (10A) and Life Quarterly Return (10Q) effective Q4 2017.
The changes can be viewed on OSFI’s Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns. A detailed summary of all changes can be found under Section VII of the instructions.
The OSFI-86 and OSFI-87 returns are being discontinued effective Q1 2018. Life insurance companies and Fraternal Benefit Societies will be required to submit the new forms, comprised of LCQ Return and LCA Supplement, based on the new Life Insurance Capital Adequacy Test (LICAT), which will replace the Minimum Continuing Capital and Surplus Requirements (MCCSR) effective January 1, 2018.
If you need additional information, please contact your company's Lead Supervisor at OSFI. If you have any questions about completing or filing the financial returns, please call Returns Administration at (613) 991-0609.