Mortgage Insurance Return – Section I – Introduction

Type of document
Insurance companies
Mortgage Insurance Return and Instructions
Last updated
January 2024
Table of contents

    All Mortgage insurance companies are required to complete uniform Quarterly and Annual Mortgage Insurers (MI) Financial returns, although jurisdictions may apply certain conditions to meet their own particular requirements.

    The MI financial returns are designed to enable regulators to monitor the financial condition and operating results of insurers, as well as certain compliance requirements.

    These instructions are generally applicable to all jurisdictions, but insurers should refer any specific MI financial return questions to their primary regulator.

    Insurers must comply with the legislation of the primary regulator with respect to record retention.

    Accounting principles – Quarterly and annual supplement returns

    The Canadian Accounting Standards Board (AcSB) has adopted International Financial Reporting Standards (IFRS) as Canadian Generally Accepted Accounting Principles (CGAAP), the primary source of which is the Handbook of the Chartered Professional Accountants of Canada. MI insurers are considered publicly accountable enterprises (PAEs) and as such, have fiduciary responsibilities, they are considered to meet the definition of a PAE and are required to report using IFRS for fiscal years beginning on or after January 1, 2011.

    Consolidated financial statements (Canadian mortgage insurance companies)

    With the implementation of IFRS, consolidated reporting within the MI financial returns is required.

    All regulatory return core financial statements, notes, supporting schedules and exhibits are to be completed on a consolidated basis in accordance with IFRS, with the exception of non‑consolidated items as noted on the schedule.

    Non-consolidated statements, additional supporting pages and exhibits should be reported on an IFRS basis, except for investments in subsidiaries, interests in joint ventures and variable interest entities, which should be reported on an equity basis.

    External auditor reports

    The External Auditor Report for the financial statements should be addressed to the primary regulator. The External Auditor Report must cover pages 20.10 to 20.60 of the MI3 – Core Financial Statement Return. excludes pages for Liability Roll Forward Schedules but includes the (consolidated) Statement of Financial Position, Statement of Profit or Loss, Statements of Residual Interest (Policyholders’ Equity and Liabilities), Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss), Reserves, Statement of Cash Flows, Statement of Changes in Equity, and Notes to the Financial Statements. The auditor’s opinion should at a minimum refer to the current period.

    Mortgage insurers are required to provide an annual External Auditor Report for the Mortgage Insurers Capital Adequacy Test (MICAT), confirm this requirement with your primary regulator or refer to "Section V – Jurisdictional Requirements". The annual audit of the MICAT is required to be a separate audit report from the one provided for the audited financial statements. For further details, please refer to OSFI's MICAT Guideline. For further details on assurance expectations relating to capital returns, please refer to OSFI’s Guideline: Assurance on Capital, Leverage and Liquidity Returns. The guidelines can also be accessed using the Guidance Library.

    For filing requirements, refer to "Section V - Jurisdictional Requirements".

    Statutory authority

    Each jurisdiction has its own statutes which govern the reporting requirements of the particular insurer. Certain jurisdictions will allow an insurer licensed in their jurisdiction but domiciled in another to follow the reporting requirements of the home jurisdiction. Insurers are advised to be aware of the statutes of all jurisdictions in which they are licensed. Relevant legislation for federally and provincially registered insurers is noted in "Section V - Jurisdictional Requirements."

    Guidelines and bulletins

    Guidelines and bulletins issued by regulators are listed under the applicable jurisdictions in "Section V - Jurisdictional Requirements."

    Language preference

    The MI financial returns and related instructions are available in both official languages. Some jurisdictions will accept filings in either official language. See "Section V - Jurisdictional Requirements" for specific details.


    The Canadian Council of Insurance Regulators (CCIR) Forms Committee is interested in your comments on any aspect of the return and/or instructions. Please direct your comments to the:

    Office of the Superintendent of Financial Institutions
    Regulatory Data Management
    255 Albert Street, 12th floor
    Ottawa, ON K1A 0H2
    Attention: Chairperson
    CCIR Forms Committee