"2019 Annual Update" to the Manual of Financial Reporting Forms and Instructions for Canadian Mortgage Insurance Companies

Document Properties

  • Type of Publication: Letter
  • Date: December 6, 2019
  • Our File: P1650-7
  • To: Chief Executive Officers Federally Regulated Canadian Mortgage Insurance Companies
  • From:
    • Ima Okonny
      Director, Regulatory Data Management

The Canadian Council of Insurance Regulators (CCIR) is pleased to introduce new regulatory forms and instructions for Canadian Mortgage Insurers. Effective Q1 2020, mortgage insurers will be required to file the MI Financial Quarterly Return (MI1) and the MI Financial Annual Supplement Return (MI2) for Q4 2020.

The new forms and instructions can be viewed on OSFI's Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns > Canadian Mortgage Insurance Companies > Manual of Reporting Forms and Instructions.

Business Plan for the year 2020

Please file a copy of your annual Business Plan (OSFI-640) via the Regulatory Reporting System (RRS) no later than 60 days after your fiscal year end. The Business Plan should include a forecast of the Balance Sheet and the Mortgage Insurance Capital Adequacy Test as at year-end 2020, as well as the Income Statement for the year 2020. Please include any related narrative you believe would help us to better understand your plans for the year 2020.

Mortgage Insurers Capital Adequacy Test (MI)

Changes were made to the Section IV (Detailed Instructions) of the MICAT instructions and to the MICAT Quarterly Return effective Q1 2020.

The changes can be viewed on OSFI's Web site at www.osfi-bsif.gc.ca under Regulatory Data and Returns > Filing Financial Returns > Canadian Mortgage Insurance Companies > Mortgage Insurance Capital Adequacy Test (MICAT). A detailed summary of all changes can be found under Section V of the instructions.

Additional information

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.

cc:

  • Provincial and Territorial Superintendents of Insurance
  • Auditors of federally regulated Canadian Mortgage Insurance Companies
  • Insurance Bureau of Canada