Life Insurance Return – Section V – Jurisdictional Requirements

General instructions

Since the insurance legislation in the various jurisdictions in Canada is not exactly the same, certain differences must be accommodated.

Everything related to each jurisdiction can now be found in this section, including filing requirements/dates and mailing addresses.

Also included are the statutory references that may be necessary to provide authoritative references for the completion of each jurisdiction's file.

Regulators

Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Northwest Territories

Nova Scotia

Nunavut

Ontario

Quebec

Prince Edward Island

Saskatchewan

Yukon

Federal

Newfoundland & Labrador

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

Legislation

Refer to NL's website.

Language

Contact Regulator.

Signature requirements

The province of Newfoundland & Labrador has no section in the Insurance Companies Act stating specifically who must verify the Annual Return.

Statutory filings by federally registered insurers

Statutory filings made by federally registered insurers only need to be submitted to the Office of the Superintendent of Financial Institutions, Canada.

Actuary's report – for provincially regulated companies only

N/A

Statutory filings by insurers incorporated in a province other than Newfoundland & Labrador

Only page 95.010 from their LIFE statutory filings is required to be filed.

Filing requirements

Prince Edward Island

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 statutory filings (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 statutory filings (inclusive).

Filing requirements

Nova Scotia

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

Legislation

Refer to NS'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 statutory filings (inclusive).

Actuary's Report

Insurers are not required to file their Actuary's Report with the condition that a copy 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 statutory filings (inclusive).

Filing requirements

New Brunswick

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 printed copy of their LIFE statutory filings.

Filing requirements

Quebec

Under the Insurers Act, CQLR, c. A-32.1, (the "Act"), every insurer is required to file with the Autorité des marchés financiers (the "AMF" or the "Authority"), in such form as the AMF may determine, the documents and information it requires.The AMF will no longer send a letter each year listing the documents and information required under the Act. This information will now be available only through the AMF Bulletins and postings on the AMF website.

For further information, consult the Notice on filing for Life Insurers on the AMF website.

Under section 298.14 of the Act, the AMF requires that all life insurers set up under Quebec law practicing life insurance attach to their Annual Return the actuary's certificate. Instructions concerning the presentation of that report as well as the elements to be disclosed are found in the Memorandum to the Appointed Actuary.

Legislation

Refer to AMF's website.

Language

N/A

Signature requirements

N/A

Statutory filings by federally registered insurers

Please consult the Notice on the AMF website.

Registered and unregistered reinsurance

To be considered registered, the insurer should be registered in Quebec or in another province or federally regulated.

Registered reinsurer: A reinsurance agreement is deemed registered if it was assumed by an insurer constituted under the laws of Québec, of another province or territory of Canada, or the laws of Canada and in this case licensed by one or more provincial regulator. A reinsurance agreement is also deemed registered if it was assumed by the branch of a foreign company authorized by the federal authority, licensed by one or more provincial regulator, and the branch maintains assets which guarantee the fulfillment of its obligations in relation to the agreement.

Ontario

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.

General Information

For any questions, please contact the contactcentre@fsrao.ca.

Filing requirements

Manitoba

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

Legislation

Refer to MB's website.

Language

Filings in either official language are acceptable.

Signature requirements

N/A

Statutory filings by federally registered insurers

Statutory filings made by federally registered insurers, as required by Section 84 of the Act, will only need to be submitted to the Office of the Superintendent of Financial Institutions, Ottawa.

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

Actuary's Report

Insurers are not required to file their Actuary's Report with the condition that a copy be available at any time upon request.

Statutory filings by Quebec incorporated life insurers

Quebec-registered life insurers are required to file one printed copy of their LIFE statutory filings and Capital Adequacy Return (CARLI).

Filing requirements

Saskatchewan

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 from their Life statutory filings.

Alberta

Legislation

Refer to AB's website.

Language

Annual Returns must be submitted in English.

Signature requirements

Alberta incorporated insurers must comply with Section 44(3)(f) of the Insurance Act, which states the Annual return (Canadian Affidavit Verifying Annual Return - (Page 10.000) or Foreign Affidavits Verifying Annual Return - (Pages 10.002/10.004) shall be approved and signed 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 company.

Statutory filings by federally registered insurers

Federally registered insurers are only required to file a fourth-quarter LIFE statutory filings with the Office of the Superintendent of Financial Institutions, Ottawa. This will satisfy this reporting requirement for the comparable period.

Actuary's Report

Pursuant to Section 44(3)(d) of the Insurance Act, Alberta incorporated insurers licensed under this Act must submit, with the Annual statutory filings, an opinion, in accordance with Section 405.

The Insurance Act requires that two reports be submitted with the Annual statutory filings, one in respect of premium reserves and one in respect of claim reserves. If the same person is signing both reports, there is no reason why the two reports cannot be combined into one document.

The Actuary's Report is required to include an Unpaid Claims and Loss Ratio Analysis Exhibit, consistent with the OSFI requirements.

Federally and extra-provincially incorporated insurers are not required to file their Actuary's Report.

Auditor's Report

Pursuant to Section 43(1) of the Insurance Act, all insurers licensed in Alberta must submit a copy of their audited financial statements within 180 days of the insurer's year end.

Alberta requires the following reports be filed with the Annual filings:

• Auditor Report addressed to the Alberta Superintendent of Insurance; and,
• Auditor Report for the Life Capital Adequacy Test.

Annual Report

All Alberta incorporated insurers, are expected to file a copy of their Annual Report including the Auditor's Report to the shareholders and members when published.

Financial statements of subsidiaries

A copy of the current financial statements of each subsidiary must be made available on request.

Filing requirements

Visit the Insurance Regulatory Information System's website.

For Insurance Companies, Fraternal Benefit Societies or Reciprocal Insurance Exchanges, if you require assistance, please send an email to: tbf.insurance-licens@gov.ab.ca.

Refer to the Alberta Superintendent of Insurance's website for:

• Filing requirements of insurance entities supervised by the Superintendent of Insurance of Alberta, March 2021 (PDF)
• Filing requirements of insurance entities supervised by other regulators, March 2021 (PDF)

Refer to the Alberta Superintendent of Insurance's website for instructions on electronic filing of annual returns.

• Alberta-incorporated insurers are required to file a fourth-quarter LIFE statutory filings in both an ASCII and special excel file formats;
• All extra provincially incorporated insurers are required to file a fourth-quarter LIFE statutory filings in an ASCII file format;

Pursuant of section 44(2), for Alberta-incorporated insurers, all filings must be received within 60 days after the the company's fiscal year end.

Pursuant of section 46(1), for every non-Alberta-incorporated insurers that is licensed in Alberta, all filing requirements must be received before the last day of February of the year following the reporting year.

Alberta only accepts electronic filings.

British Columbia

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.

Yukon

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

Legislation

Refer to YK'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

Actuary's Report

Insurers are not required to file their Actuary Report with the condition that a copy be available at any time upon request.

Electronic filing

All required filings should be filed in PDF, or Excel format, as appropriate, by e-mail to insurance.plra@gov.yk.ca. The e-mail subject line should include the company name and the word "filing."

Filing requirements

Northwest Territories

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

Licencing related matters (individual or company), email insurance_licensing@gov.nt.ca; for Filings and Premium Tax, email superintendent_insurance@gov.nt.ca.

Nunavut

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

Legislation

Refer to NU's website.

Language

Contact the Regulator for direction.

Signature requirements

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

N/A

Statutory filings by Quebec incorporated life insurers

Quebec-registered life insurers are required to file one printed copy of their LIFE statutory filings.

Filing requirements

All electronic filings should be emailed to insurance@gov.nu.ca.

Federal

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.

Auditor and Appointed Actuary Reports

Federally regulated insurers must electronically file their Auditor Reports and Appointed Actuary's Report as separate documents as defined in the Regulatory Reporting System (RRS) User Guide (PDF).

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 Risk and Data Analytics 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. Reports should all be filed through the RRS system.

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 insurer's Canadian branch management is kept fully apprised of the 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