2024 annual update to the manual of financial reporting forms and instructions for Life Insurance Companies and Fraternal Benefit Societies
Information
Table of contents
To:
Chief Executive Officers and Chief Agents,
Federally Regulated Canadian Life Insurance Companies and Fraternal Benefit Societies and
branches of Foreign Life Insurance Companies and Fraternal Benefit Societies
From:
Andrew Miller
Chief Data Officer
This is to advise you of the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions as well as OSFI forms and instructions for 2024-25.
LIFE – Annual/Quarterly Returns and Instructions
Changes were made to Section I (Introduction), Section IV (Detailed Instructions) and Section V (Jurisdictional Requirements) of the Life instructions effective for Q4 2024. Changes were also made to the Life Core Financial Quarterly Return (LF1), Life Supervisory Quarterly Return (LF2), Life Supervisory Annual Return (LF3) and the Life Provincial Return (LFPROV) for Q4 2024. No changes were made to the returns for Q1 2025.
The changes can be viewed on OSFI’s Web site under Life Insurance Return and Instructions. A summary of changes can be found under Section VI of the instructions.
Life Supplementary Quarterly Return
Changes were made to the Life Supplementary Quarterly Return (LF4) instructions for 2024. No changes were made to the return template for 2024. The changes can be viewed on OSFI’s website.
Life Insurance Capital Adequacy Test (LICAT) Annual/Quarterly Forms
Changes will be made to the LICAT Quarterly Return (LCQ) effective Q1 2025 and the LICAT Annual Supplement (LCA) effective Q4 2025. Changes are also expected for the LICAT filing instructions. A separate consultation is currently underway related to these changes.
Validation Rules
Any updates to the validation rule reports will be posted on OSFI’s Web site once they are made available within the RRS system.
Additional Information
If you need additional information, please contact your company's Lead Supervisor at OSFI. If you have any questions about completing or filing the financial returns, please call Returns Administration at (613) 991-0609 or email at RRSsupport-SDRsoutien@osfi-bsif.gc.ca.