“2021 Annual Update” to the Manual of Financial Reporting Forms and Instructions for Canadian Mortgage Insurance Companies
Information
Table of contents
To:
Chief Executive Officers
Federally Regulated Canadian Mortgage Insurance Companies
From:
Andrew Miller
Chief Data Officer
This is to advise you of the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions.
Minor changes were made to Section I (Introduction), Section IV (Detailed Instructions) and Section V (Jurisdictional Requirements) of the MI instructions effective for 2021. Note that no changes were made to the MI Annual Supplement (MI2) or Quarterly Return (MI1) for Q4 2021 or Q1 2022.
The new forms and instructions can be viewed on OSFI’s Web site. A detailed summary of all the changes can be found under Section VI of the instructions.
Business Plan for the year 2022
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 2022, as well as the Income Statement for the year 2022. Please include any related narrative you believe would help us to better understand your plans for the year 2022.
Mortgage Insurers Capital Adequacy Test (MI)
No changes were made to the MICAT instructions or the MICAT Quarterly Return effective Q1 2022.
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 or email at RA‑RRS.Support@osfi‑bsif.gc.ca.
cc:
Provincial and Territorial Superintendents of Insurance
Auditors of federally regulated Canadian Mortgage Insurance Companies
Insurance Bureau of Canada