OSFI issues a revised Minimum Capital Test for Federally Regulated Property and Casualty Insurance Companies
News release - Ottawa -
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Today the Office of the Superintendent of Financial Institutions (OSFI) released updates to the Minimum Capital Test (MCT) Guideline which sets out capital requirements for federally regulated property and casualty insurance companies. The revisions follow an annual review, including a public consultation period that closed on August 4, 2017.
This year’s amendments to the Guideline are not substantive. They remove transition requirements that are no longer applicable and provide clarifications to a number of provisions where OSFI has received multiple industry inquiries over the past year.
The revised Guideline is effective January 1, 2018.