Property and Casualty - Memorandum to the Appointed Actuary 2021

Document Properties

  • Type of Publication: Letter
  • Date: August 13, 2021
  • To: Federally Regulated Property and Casualty Insurance Companies and Canadian Branches of Foreign Insurance Companies
  • From: Chris Townsend, Senior Director, Actuarial Division, Insurance Supervision Sector
  • Copy: Appointed Actuaries of Federally Regulated Property and Casualty Insurance Companies and Canadian Branches of Foreign Insurance Companies

Every year, OSFI updates the Property and Casualty Memorandum to the Appointed Actuary (the Memorandum), that is issued pursuant to subsection 667(2) of the Insurance Companies Act.

This Memorandum can be found on the OSFI website in English and French respectively at:

Please note that the electronic filing of the Unpaid Claims and Loss Ratio Analysis Exhibit is due at the same time as the P&C Return. Electronic filing instructions for the exhibit are available separately from this Memorandum.

The Memorandum specifies the contents of the annual Appointed Actuary’s Report to OSFI.

No substantive changes were made to the 2021 Memorandum. Section A 2.2 (Filing Directions for the AAR, Financial Condition Testing (FCT) and Peer Review Report) clarifies, as in the prior year, the need for the peer review of the FCT to be submitted no later than December 31st. In addition, section 6.7.1 makes a specific reference to potential exposure emanating from residential schools.

Should you have any questions, please do not hesitate to contact Grace Gao at grace.gao@osfi-bsif.gc.ca.

Chris Townsend
Senior Director
Actuarial Division
Insurance Supervision Sector