Property and casualty insurance return – Section V – Jurisdictional Requirements

Insurers must accommodate for the differences in legislation from jurisdiction to jurisdiction in Canada.

Each jurisdiction's requirements can now be found in this section, including filing requirements/dates and mailing addresses.

Also included are the statutory references that may be used as authoritative sources for the completion of each jurisdiction's filing.

Regulators

Alberta

Superintendent of Insurance
Alberta Government
402 Terrace Building
9515-107 Street
Edmonton, AB T5K 2C3

Telephone: (780) 643-2237
Fax: (780) 420-0752

British Columbia

Superintendent
BC Financial Services Authority
600-750 West Pender Street
Vancouver, BC V6C 2T8

Telephone: (604) 660-3555
Fax: (604) 660-3365

Manitoba

Deputy Superintendent of Financial Institutions - Insurance
Financial Institutions Regulation Branch
207 – 400 St. Mary Avenue
Winnipeg, MB R3C 4K5

Telephone: (204) 945-2542
Fax: (204) 948-2268

New Brunswick

Superintendent of Insurance
Financial and Consumer Services Commission
225 King Street, Suite 200
Fredericton, NB E3B 1E1

Telephone: (866) 933-2222
Fax: (506) 453-7435

Newfoundland and Labrador

Superintendent of Insurance
Service NL
West Block Confederation Bldg., 2nd Floor
Prince Philip Drive, P.O. Box 8700
St. John's, NL A1B 4J6

Telephone: (709) 729-4189
Fax: (709) 729-3205

Northwest Territories

Superintendent of Insurance
Department of Finance
Government of the Northwest Territories
P.O. Box 1320; YK-3
Yellowknife, NT X1A 2L9

Telephone: (867) 767-9171, ext 15252 or 15083
Fax: (867) 920-6133

Nova Scotia

Deputy Superintendent of Insurance
Trust and Loan Companies, Credit Unions and Pensions
Department of Finance
P.O. Box 2271
Halifax, NS B3J 3C8

Telephone: (902) 424-4987
Fax: (902) 424-1293

Nunavut

Superintendent of Insurance
Department of Finance
Government of Nunavut
PO Box 2260
Iqaluit, NU X0A 0H0

Telephone: (867) 975-5889
Fax: (867) 975-5845

Ontario

Chief Executive Officer
Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West
Suite 100
North York, ON M2N 6S6

Telephone: (416) 250-7250
Toll-Free: (800) 668-0128

Québec

Superintendent of Solvency
Autorité des marchés financiers
Place de la Cité, Cominar Tower
2640 Laurier Boulevard, 4th floor
Québec, QC G1V 5C1

Telephone: (418) 525-0337 ext. 4501
Fax: (418) 525-4509

Prince Edward Island

Superintendent of Insurance
Department of Environment, Labour and Justice
95 Rochford Street
P.O. Box 2000
Charlottetown, PEI C1A 7N8

Telephone: (902) 368-4550
Fax: (902) 368-5283

Saskatchewan

Superintendent of Insurance
Insurance and Real Estate Division
Financial and Consumer Affairs Authority of Saskatchewan
1919 Saskatchewan Drive, 6th Floor
Regina, SK S4P 4H2

Telephone: (306) 787-6700
Fax: (306) 787-9006

Yukon

Superintendent of Insurance
Professional Licensing & Regulatory Affairs C-5
Government of Yukon
Box 2703
Whitehorse, YT Y1A 2C6

Telephone: (867) 667-5111
Fax: (867) 667-3609

Federal

Risk & Data Analytics
Office of the Superintendent of Financial Institutions
255 Albert Street, 12th Floor
Ottawa, ON K1A 0H2

Telephone: (613) 991-0609
Fax: (613) 991-6118

Newfoundland and Labrador

Other specific instructions enabling insurers to meet Newfoundland and 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

There is no section in the Insurance Companies Act of the province of Newfoundland and Labrador stating specifically who must verify the Annual Return.

Statutory filings by federally registered insurers

Federally registered insurers submit their statutory filings only to the Office of the Superintendent of Financial Institutions Canada.

Actuary's Report

Only Insurers incorporated in the Province of Newfoundland and Labrador are required to submit a full copy of the Actuary's Report with their annual filing. The actuary's Certificate of Opinion is considered an integral part of the annual filing, and failure to include it would render the filing incomplete.

Foreign insurers are not required to file a copy of their Actuary's Report.

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

Only page 93.30 of the P&C statutory filings is required to be filed.

Filing requirements

Prince Edward Island

Other specific instructions enabling insurers 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 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 are only required to file page 93.30 of the P&C statutory filings.

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.

Filing requirements

Nova Scotia

Other specific instructions enabling insurers 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 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 are only required to file pages 10.10, 93.30, 99.10, 99.11 and 99.15 of the P&C statutory filings.

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.

Filing requirements

New Brunswick

Other specific instructions enabling insurers 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 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

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.

Filing requirements

Quebec

Under the Act respecting insurance, CQLR, c. A-32, (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 P&C Insurers on the AMF website.

Legislation

Refer to QC's website.

Language

N/A

Signature requirements

In accordance with section 309 of the Act, the two persons signing the Annual Return must be directors of the insurer.

Statutory filings by federally registered insurers

Please consult the Notice on the AMF website.

Actuary's Report

Pursuant to sections 298.14 and 309 of the Act, every insurer authorized to underwrite "damage" (property and casualty) insurance in Quebec must attach an actuary's Expression of Opinion on the valuation of the provisions and reserves to its Annual filing.

A copy of the Actuary's Report that establishes and presents the provisions and reserves must be forwarded to the Autorité des marchés financiers upon request.

The actuary will have to include a description of the assumptions and methods used in the valuation of the said reserves or provisions and also state and justify the criteria that have served as the basis for choices made.

Moreover, the AMF may require certain insurers to include other information in the report.

Insurers with charters from outside Quebec that transact insurance in Quebec must file a copy of the Actuary's Report filed with their home jurisdiction.

A copy of the resolution of the board of directors concerning the appointment of the actuary must be forwarded to the AMF within 10 days of the actuary's initial appointment or at the change of the actuary.

For foreign insurers, the Actuary's Report must contain a certificate testifying that:

1. the reserves maintained by the insurer to guarantee its obligations toward the insured are not less than the reserves required by the Act or by its "Act of Incorporation", if it is more restrictive;
2. the reserves of provisions are calculated on the basis of appropriate assumptions with respect to the circumstances of the insurer and its contracts of insurance; and
3. the reserves make good and sufficient provision to cover all obligations under such contracts.

Auditor Report

For Quebec-incorporated insurers, the report is to be addressed to the AMF. All other insurers licensed in Quebec must submit a copy of the Auditor Report addressed to their regulator.

In addition, Canadian insurers are expected to provide the AMF with a copy of their Annual Report including the Auditor Report to the shareholders and members. Foreign insurers are expected to provide the AMF with a copy of the Annual Report for their total business.

Loans and advances to subsidiaries, associates and joint ventures (with greater than 10% ownership interest)

Quebec-incorporated insurers must show loans and advances to subsidiaries, associates and joint ventures (with greater than 10% ownership interest) on page 50.32. See the instructions for page 50.32 in the document "Section IV - Detailed instructions."

Exhibits not required

The following exhibits or sections of exhibits need not be completed by Quebec-incorporated insurers that transact insurance in Quebec only.

Letters of credit

Letters of credits may be used to reduce capital otherwise required for unregistered reinsurance or a self-insured retention, this up to a prescribed limit, and are subject to a capital charge as specified in the Autorité's Guideline on capital adequacy requirements. The limit is applicable to all insurers licensed in Quebec. General requirements concerning letters of credit are set out below:

1. Letters of credit must be in Canadian dollars and payable in Canada. Letters of credit must be issued by a Canadian bank or confirmed by a Canadian bank if issued by a foreign bank;
2. They must be for a fixed term, at least one year;
3. They must be for a stipulated dollar amount;
4. They must be irrevocable except with at least three months notice to the Regulator. This condition can be satisfied either by a provision in letter of credit or by a letter of confirmation from the issuing bank; and
5. The issuing bank and the confirming bank must not have any claim on the assets of the Canadian insurance company as security for the letters of credit.

A copy of the major letters of credit must be sent with the Annual Return.

Registered insurer/reinsurer

To be deemed approved, the insurer must be approved in Quebec or another province, or subject to federal regulation.

Registered reinsurer: A reinsurance agreement is deemed registered if it was assumed by an insurer constituted under the laws of Quebec, of another province, or of Canada, and in this case, licensed by one or more provincial regulator(s). A reinsurance agreement is also deemed registered if it was assumed by the branch of a foreign company authorized by the federal authority and licensed by one or more provincial regulator(s), and if the branch maintains assets guaranteeing the fulfilment of its obligations under the agreement.

Ontario

Other specific instructions enabling insurers to meet Ontario's requirements may be circulated by the Chief Executive Officer 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 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

In accordance with section 102 of the Ontario Insurance Act, federally registered insurers licensed in Ontario must submit their statutory filings only to the Office of the Superintendent of Financial Institutions Canada.

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 exception under subsection 121.20 applies if the insurer is a mutual insurance corporation that is a member of the Fire Mutuals Guarantee Fund.

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 Actuary's Report with FSRA.

Auditor Report

All insurers incorporated in Ontario are required to have their Auditor Report addressed to the Chief Executive Officer, FSRA. All other insurers licensed in Ontario should refer to the general instructions in Section II.

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

Earthquake

Refer to the OSFI's Earthquake Exposure Sound Practices guidelines.

Letters of credit

In general, letters of credit may be used to offset the reserve for unregistered reinsurance to the extent of 30% of the total amount of the unearned premiums and outstanding losses recoverable from assuming reinsurers.

The Chief Executive Officer must be made aware of the details of letters of credit from affiliated unregistered reinsurers.

Discounting

Actuarial liabilities are required to be reported on a discounted basis. The discounting requirement will apply to Ontario-incorporated property and casualty insurance companies and to reciprocal exchanges in Ontario for which the Actuary's Report is required.

Ontario FOIPOPA consent form

The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, chapter F.31 (FOIPOPA) provides that where information about an individual is not collected directly from the individual, the collection is lawful only if, among other things, it is authorized by a statute. Further, whenever information is collected about an individual, that individual must be informed of the legal authority for its collection and the principal purpose for which the personal information is intended to be used.

Since the Annual Return includes personal information, the Consent and Notification Form issued pursuant to the FOIPOPA must be completed by all provincially incorporated insurers. The insurer must provide a copy to each individual named in page 10.15 of the Annual Return. Since the insurer is aware of many of these individuals, it is strongly recommended that the insurer begin the notification process well in advance of the filing due date. The certificate is to be signed by the same person who signs the Annual Return.

General information

All Ontario-incorporated insurance companies and reciprocals must complete the general information pages 10.10 to 10.60.

All Ontario-incorporated companies and reciprocals must complete the Minimum Capital Test (MCT) pages (PC4 form) using FSRA's MCT Guideline for property and casualty insurance companies and reciprocals dated January 2023.

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

Working papers

In accordance with section 443 of the Act, insurers licensed in Ontario are required to maintain appropriate working papers to support the information contained in the Annual Return.

Securities lending

Securities lending is prohibited for companies incorporated in Ontario.

Financial statements of subsidiaries

Ontario-incorporated insurers should have a copy of the current financial statements of each subsidiary available at head office.

Filing requirements

Manitoba

Other specific instructions enabling insurers 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

In accordance with section 84 of the Act, federally registered insurers must submit their statutory filings only to the Office of the Superintendent of Financial Institutions Canada.

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.

Insurers other than provincial insurers and reciprocal insurance exchanges

These insurers must produce a report that sets out the particulars of their business in Manitoba during the year (section 84). To meet this requirement, P&C insurers must file page 93.30  of the P&C statutory filings.

Filing requirements

Saskatchewan

Other specific instructions enabling insurers to meet 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 information on language requirements.

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.

For reciprocal insurance exchanges, the Annual Return must be verified by the principal attorney and at least two members of the advisory board or committee of subscribers of the reciprocal insurance exchange.

Statutory filings by federally registered insurers

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

Discounting

Actuarial liabilities are required to be reported on a discounted basis. The discounting requirement will apply to Saskatchewan-incorporated P&C insurance companies and to reciprocal exchanges in Saskatchewan for which the Actuary's Report is required.

Filing deadlines

All Annual Returns must be provided as follows:

• If limited by the Superintendent to reinsurance only, 105 days after the financial year end (subsections 2-33(3) and 2‑34(3)); and
• 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 and reciprocal insurance exchanges

Saskatchewan incorporated insurers are required to:

• File the P&C statutory filings (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 the auditor's opinion;
  3. The audited financial statements for any subsidiaries with the auditor's opinion. If subsidiaries are regulated financial institutions, the filings with the primary regulators; and
  4. The detailed list of investment as at the fiscal year-end.

Reciprocal Insurance Exchanges are required to:

• File the P&C statutory filings (section 2-33);
• Submit the following additional information:
  1. The actuary's report if required by the Superintendent;
  2. The audited financial statements with the auditor's opinion;
  3. The audited financial statements for any subsidiaries with the auditor's opinion. If subsidiaries are regulated financial institutions, the filings with the primary regulators; and
• Submit the following information as required by section 2-56:
  4. The name of the reciprocal insurance exchange and the name and address of its principal attorney for service; and
  5. The particulars respecting the reserve fund (section 2-61) and the guarantee fund (section 2-63).

Extra-provincial insurers

Extra-provincial insurers are required to file pages 10.10 (corporate information), 99.10, 93.30, 99.16 and 99.20 (Quebec Incorporated Insurer),  of the P&C statutory filings.

Alberta

Legislation

Refer to AB's website.

Language

Annual Returns must be submitted in English.

Signature requirements

Alberta incorporated insurers – Section 44(3)(f) of the Insurance Act states the Annual Return (affidavit on page 99.10) must 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.

Reciprocal insurance exchanges – Section 91(3)(d) of the Insurance Act states that the Annual Return (affidavit on page 99.10) must be signed by the principal attorney and at least two members of the advisory board or committee of subscribers. Refer to Alberta's website for a copy of the affidavit containing three signature lines.

Statutory filings by federally registered insurers

Federally registered insurers are required to file a fourth quarter P&C statutory filings with the Office of the Superintendent of Financial Institutions Canada. This will satisfy the 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.

Insurers incorporated and reciprocals formed and/or transferred into Alberta must file a copy of the actuarial report with an Expression of Opinion in accordance with the instructions set out by OSFI in its annual memorandums to the appointed actuary.

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.

Discounting of reserves

Effective January 1, 2003, the reporting of actuarial liabilities on a discounted basis by Alberta-incorporated property and casualty insurance companies and reciprocal insurance exchanges is optional.

Insurers are expected to file on either a discounted or undiscounted basis consistently. Insurers who wish to change the basis on which they file must notify the Superintendent prior to making the change.

Format of the actuarial opinion and report

The opinion should state the status of the signatory, his or her title, his or her relationship to the insurer, and, if not a Fellow of the Canadian Institute of Actuaries, how he or she qualifies.

Auditor Report

Pursuant to section 43(1), 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 Minimum Capital 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.

Bulletins and other guidance

Bulletins and guidelines that are applicable to property and casualty insurance companies are available on Alberta's website.

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 (alberta.ca) (PDF)
• Alberta-incorporated insurers and reinsurers are required to file a fourth quarter P&C statutory filings in both ASCII and special excel file formats.
• All extra-provincially incorporated insurers are required to file a fourth quarter P&C 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 P&C 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 31st.

Yukon

Other specific instructions enabling insurers 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 language requirements.

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

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.

Electronic filing

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

Northwest Territories

Other specific instructions enabling insurers 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 language requirements.

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

Filing requirements

Nunavut

Other specific instructions enabling insurers 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 language requirements.

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

Filing requirements

Federal

Insurance Companies Act (ICA)

Regulations that are applicable to federally regulated property and casualty companies can be accessed on Justice Canada's website.

Guidelines and other guidance

Guidelines that are applicable to property and casualty insurance companies are available on the OSFI website.

OSFI also issues other guidance (i.e. letters, bulletins) that is accessible on 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).

Auditor Report to shareholders/policyholders

The Auditor 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, the report is to be filed no later than 30 days following the date of signing of the resolution in writing. Reports should all be filed through the RRS system.

Financial statements of subsidiaries

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

Net ultimate claims and adjustment expenses – Claims development

Transitional Instructions – (pages 60.45 and 93.65)

For foreign P&C branches, the Claims Runoff exhibits may also be prepared on a prospective basis with no restatement of prior years. Information for the current accident year will be based on insurance business in Canada as per Part XIII of the ICA. However, where there are significant changes to prior years, it would be preferable that these exhibits be restated where this can be done on a practical basis.

Letters of credit

Letters of credit must be in the standard wording prescribed by OSFI and must conform to the General Guidelines for Use of Letters of Credit as specified on OSFI's website. Letters of credit from associated unregistered reinsurers must be approved by OSFI in order to be recognized.

Letters of credits may be used to reduce capital otherwise required up to a prescribed limit and are subject to a capital charge as specified in OSFI's MCT Guideline.

Affidavit verifying Annual Return - (pages 99.10, 99.11 and 99.15)

The affidavit on page 99.10 must be signed by the President/CEO and another executive officer or director.

The affidavit on page 99.11 must be signed by the insurer's Canadian branch management.

The affidavit on page 99.15 must be signed by the head office President / CEO.

Refer also to "Section IV - Detailed Instructions" for further details.

Electronic filing

For electronic filing instructions, please refer to the Regulatory Reporting System (RRS) – Manage Financial Returns User Guide (PDF) located on the OSFI website.

Filing requirements