OSFI Guideline Consequential Changes as a Result of IFRS 17

OSFI remains committed to working with the industry and key stakeholders to support a robust implementation of International Financial Reporting Standard 17 - Insurance Contracts (IFRS 17).

OSFI is seeking feedback on the proposed consequential changes to existing guidance as a result of IFRS 17.

Please provide feedback/comments on the proposals in this letter by no later than September 15, 2021. In particular, we would like to have feedback on:

  1. Potential risks with the proposed deletions and amendments.
  2. The appropriateness of the text of proposed changes.
  3. Other suggestions for guideline amendments not already in progress that may require further refinement to reflect IFRS 17 or IFRS 9.

Questions and comments about this letter can be sent by email to IFRS17rev@osfi-bsif.gc.ca.