Life Insurance Return – Section V – Jurisdictional Requirements

Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Northwest Territories

Nova Scotia

Nunavut

Ontario

Québec

Prince Edward Island

Saskatchewan

Yukon

Federal

Other specific instructions necessary to meet Prince Edward Island's requirements may be circulated by the Superintendent, to the appropriate insurers, prior to year end.

Legislation

Refer to PEI's website.

Language

Contact Regulator.

Signature requirements

The Annual Return shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the insurer.

Statutory filings by federally registered insurers

Federally registered life insurers are only required to file page 95.010 from their LIFE returns (inclusive).

Actuary's Report

Insurers are required to file only a Certificate of Opinion with the condition that a copy of the Actuary's Report be available at any time upon request.

Statutory filings by Quebec incorporated life insurers

Quebec-registered life insurers are only required to file page 95.010 from their LIFE returns (inclusive).

Filing requirements

Other specific instructions necessary to meet New Brunswick's requirements may be circulated by the Superintendent, to the appropriate insurers, prior to year end.

Legislation

Refer to NB's website.

Language

Filings in either official language are acceptable.

Signature requirements

The Annual Return shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the insurer.

Statutory filings by federally registered insurers

N/A

Actuary's Report

Insurers are required to file only a Certificate of Opinion with the condition that a copy of the Actuary's Report be available at any time upon request.

Statutory filings by Quebec incorporated life insurers

Quebec-registered life insurers are required to file one hard copy of their LIFE returns.

Filing requirements

Other specific instructions necessary to meet Ontario's requirements may be circulated by the Chief Executive Offficer, to the appropriate insurers, prior to year end.

Legislation

Refer to ON's website.

Language

Filings in either official language are acceptable.

Signature requirements

The Annual Return shall be verified, by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors and by the secretary or manager of the insurer.

Statutory filings by federally registered insurers

Statutory filings made by federally registered insurers, as required by section 102 of the Ontario Insurance Act, will only need to be submitted to the Office of the Superintendent of Financial Institutions, Ottawa.

Actuary's Report

Subsection 121.13 of the Insurance Act (Part II.1) requires that every insurer incorporated in Ontario, except those described in subsection 121.20, must submit with its Annual Return a valuation report by the appointed actuary on his/her evaluation of actuarial and other policy liabilities of the insurer.

The report must be addressed to the Chief Executive Officer, Financial Services Regulatory Authority of Ontario (FSRA), and must comprise a certificate and a report, both of which must be signed. Detailed instructions for completing the report were forwarded to the insurers and will be updated separately through correspondence with the companies.

Note: Federally regulated insurers are not required to file an actuarial report with FSRA.

Auditor's Report

All insurers incorporated in Ontario are required to have their Auditor's Report addressed to the Chief Executive Officer of Financial Services, Financial Services Regulatory Authority of Ontario.

All provincially incorporated insurers, licensed in Ontario are expected to provide the FSRA with a copy of their Annual Report including the Auditors Report to the shareholders and members when published.

Working papers

Insurers licensed in Ontario are required to maintain appropriate working papers to support information contained in the Annual Return. This is a requirement under Section 443 of the Act.

Statutory filings by foreign insurers licensed in Ontario

Statutory filings (including the Auditor's Report and the Actuary's Report) required to be made by foreign insurers licensed in Ontario, will only need to be submitted to the Office of the Superintendent of Financial Institutions, Ottawa.

Filing requirements

Other specific instructions enabling insurers to meet the Saskatchewan's requirements may be circulated by the Superintendent, to the appropriate insurers, prior to year-end.

Refer to the Financial and Consumer Affairs Authority's website for instructions for filing the Annual Return.

Legislation

Refer to SK's website.

Language

Contact the Regulator for direction.

Signature requirements

For provincial insurers, the Annual Return must be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors and by the secretary or manager of the insurer.

Statutory filings by federally registered insurers

Federally registered insurers satisfy the annual filing requirement by answering the questions contained in the submission filed online through RLS.

Filing deadlines

All annual filings must be provided as follows:

1. If limited by the Superintendent to reinsurance only, 105 days after the financial year-end (subsections 2-33(3) and 2-34(3)); and
2. For all other insurers 60 days after the financial year end (subsections 2-33(3) and 2-34(3)).

Filing requirements

All insurers are required to file their Annual Return submission online through the Financial and Consumer Affairs Authority's (FCAA) Registration and Licensing System (RLS).

Refer to FCAA's website for instructions for filing the Annual Return.

Links:

• Filing and Reporting Requirements
• Accessing the Registration and Licensing System (RLS)

Provincially incorporated insurers

Saskatchewan incorporated insurers are required to:

• File the Life Core Financial Statement Return, the Life Supervisory Quarterly Return and the Life Supervisory Annual Return (section 2-33); and
• Submit the following additional information:
  1. The Actuary's Report if required by the Superintendent;
  2. The audited financial statements with auditor's opinion;
  3. The audited financial statements for any subsidiaries with auditor's opinion. If subsidiaries are regulated financial institutions, the filings with the primary regulators; and
  4. The detailed list of investments as at the fiscal year-end.

Extra-provincial insurers

Extra-provincial insurers are required to file pages 10.000, 10.005 (Quebec Licensed Insurer), 10.010, and 95.010 of the Life Returns.

Other specific instructions necessary to meet BC Financial Services Authority’s requirements may be circulated by the Superintendent, to the appropriate insurers, prior to year end.

Legislation

Refer to BCFSA's website.

Language

Annual filings must be submitted in English.

Signature requirements

Original signatures are not required. BCFSA will accept scanned or electronic versions of original signatures.

Statutory filings by federally registered insurers

Refer to BCFSA’s website.

Filing requirements

For B.C. Licensed Life Insurers’ Filing requirements, please refer to BCFSA’s website.

For reciprocal exchanges the Application for Reciprocal Exchange Annual Permit (Form 10) must be submitted annually by March 31.

Other specific instructions necessary to meet the Northwest Territories' requirements may be circulated by the Superintendent, to the appropriate insurers, prior to year end.

Legislation

Refer to NT's website.

Language

Contact the Regulator for direction.

Signature requirements

The Annual Return shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the insurer.

Statutory filings by federally registered insurers

N/A

Filing requirements

Insurance Companies Act (ICA)

Regulations that are applicable to federally regulated life insurance companies can be accessed on Justice Canada's website.

Guidelines and other guidance

Guidelines that are applicable to life insurance companies are available on the OSFI website.

OSFI also issues other guidance (ie. letters, bulletins) that is accessible its website.

Actuary's Report

Refer to Section II for further details.

Auditor's Report to shareholders/policyholders

The Auditor's Report to shareholders/policyholders, together with the annual financial statements, is to be filed with OSFI's Regulatory Information Division no later than 21 days prior to the Annual Meeting. If the Annual Meeting is held by Resolution in Writing, then no later than 30 days following the date of signing of the Resolution in Writing.

Also refer to Section II for further details.

Financial statements of subsidiaries

Federally regulated insurers are required to keep a copy of the current financial statements of each subsidiary at the insurer's head office, to be available on request.

Canadian Affidavit verifying Annual Return - (Page 10.000)

The Affidavit must be signed by the President/Chief Executive Officer and another executive officer or another director.

Foreign Affidavits verifying Annual Return - (Pages 10.002/10.004)

It is difficult for OSFI to ensure that the Chief Agent is kept fully apprised of the Canadian Branch's operations and liabilities in Canada. In this regard, the second affidavit set up on page 10.004 must be signed by the President or Chief Executive Officer of the life insurer/society at its head office.

Where an affidavit makes reference to the company's insurance business in Canada, the word "business" refers to an activity carried on in Canada and is not limited to risks located in Canada. For a discussion of which risks are considered insured in Canada, and therefore form part of the company's insurance business in Canada, please consult Advisory 2007-01-R1, Insurance in Canada of risks, available on OSFI's website.

Electronic filing

For electronic filing instructions, please refer to the "Regulatory Reporting System (RRS) Manage Financial Returns User Guide (PDF,
1.87 MB) for Insurance Companies" located on the OSFI website.

Filing requirements