Assurance on Capital, Leverage and Liquidity Returns – Guideline at a glance (2022)

Information

Publication type

Guideline at a glance

Category

Accounting and Disclosure

Date

November 30, 2022

Sector

Banks,

Life Insurance and Fraternal Companies,

Property and Casualty Companies,

Trust and Loan Companies

Table of contents

Accompanying documents

Assurance on Capital, Leverage and Liquidity Returns - Guideline (2022)

Summary of Assurance Expectations for Federally Regulated Insurers

Table 1 – External Audit
Industry	Regulatory Return / Schedule	Filing Requirement	Frequency
Life Insurer	LICAT Schedule 10.100 / LIMAT Schedule 120.000	Within 90 days of fiscal year-end^{Table 1 - External Audit footnote 1}	Annual at year-end reporting date beginning fiscal 2025
P&C Insurer	MCT / BAAT Schedule 10.00	Within 90 days of fiscal year-end^{Table 1 - External Audit footnote 1}	Annual at year-end reporting date beginning fiscal 2025
Mortgage Insurer	MICAT Schedule 10.10	Within 90 days of fiscal year-end	Annual at year-end reporting date beginning fiscal 2025
Table 1 – External Audit footnotes Table 1 – External Audit footnote 1 Foreign Life/P&C entities may retain their May 31 filing schedules for the LIMAT/BAAT. Return to Table 1 – External Audit footnote 1 referrer

Table 2 – Senior Management Attestation and Review^{Table 2 - Senior Management Attestation and Review footnote 1}
Industry	Regulatory Return / Schedule	Filing Requirement	Frequency
Life Insurer	LICAT / LIMAT COVER Schedule	According to quarterly filing requirements	Quarterly beginning fiscal 2024
P&C Insurer	MCT / BAAT COVER Schedule	According to quarterly filing requirements	Quarterly beginning fiscal 2024
Mortgage Insurer	MICAT COVER Schedule	According to quarterly filing requirements	Quarterly beginning fiscal 2024
Table 2 - Senior Management Attestation and Review footnotes Table 2 - Senior Management Attestation and Review footnote 1 On an annual basis, management attestation submissions are to be accompanied with the FRFI’s summary of unadjusted errors impacting the calculation of regulatory ratios. Return to Table 2 - Senior Management Attestation and Review footnote 1 referrer

Table 3 – Internal Audit
Industry	Regulatory Return	Filing Requirement	Frequency
Life Insurer	LICAT / LIMAT	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
P&C Insurer	MCT / BAAT	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review
Mortgage Insurer	MICAT	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on FRI’s frequency of review

Summary of Assurance Expectations for Deposit-Taking Institutions

Table 1 – External Audit
Industry	Regulatory Return / Schedule	Filing Requirement	Frequency
D-SIB	BCAR Schedule 10.010 LRR Leverage & TLAC Leverage Ratios Schedule LCR^{Table 1 – External Audit footnote 1}, NSFR^{Table 1 – External Audit footnote 2}	Within 90 days of fiscal year-end	Annual at year-end reporting date beginning fiscal 2025
SMSB Category I	BCAR Schedule 10.010 LRR Leverage & TLAC Leverage Ratios Schedule LCR^{Table 1 – External Audit 1}, NSFR^{Table 1 – External Audit footnote 2}	Within 90 days of fiscal year-end	Annual at year-end reporting date beginning fiscal 2025
SMSB Category II	BCAR Schedule 10.010 LRR Leverage & TLAC Leverage Ratios Schedule LCR^{Table 1 – External Audit 1}	Within 90 days of fiscal year-end	Biennial at year-end reporting date beginning fiscal 2025
SMSB Category III	BCAR Schedule 10.011	Within 90 days of fiscal year-end	Biennial at year-end reporting date beginning fiscal 2025
Table 1 – External Audit footnotes Table 1 – External Audit footnote 1 To better capture potential currency mismatches, LCR should be evaluated in significant currencies for the purposes of OSFI’s assurance requirements. Return to Table 1 – External Audit footnote 1 referrer Table 1 – External Audit footnote 2 For SMSBs, assurance on NSFR is only required of Category I SMSBs with significant reliance on wholesale funding. Return to Table 1 – External Audit footnote 2 referrer

Table 2 – Senior Management Attestation and Review^{Table 2 - Senior Management footnote 1}
Industry	Regulatory Return / Schedule	Filing Requirement	Frequency
D-SIB	BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new)	According to quarterly filing requirements	Effective beginning fiscal 2024
SMSB Category I	BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Comprehensive NCCF Cover Schedule (new) / NSFR Cover Schedule (new)	According to quarterly filing requirements	Effective beginning fiscal 2024
SMSB Category II	BCAR Cover Schedule (new) / LRR Cover Schedule (new) / LCR Cover Schedule (new) / Streamlined NCCF Cover Schedule (new)	According to quarterly filing requirements	Effective beginning fiscal 2024^{Table 2 - Senior Management footnote 2}
SMSB Category III	BCAR Cover Schedule (new) / OCFS Cover Schedule (new)	According to quarterly filing requirements	Effective beginning fiscal 2024^{Table 2 - Senior Management footnote 2}
Table 2 - Senior Management Attestation and Review footnotes Table 2 - Senior Management footnote 1 On an annual basis, management attestation submissions are to be accompanied with the FRFI’s summary of any unadjusted errors impacting the calculation of regulatory ratios. Return to Table 2 - Senior Management footnote 1 referrer Table 2 - Senior Management footnote 2 Category II and III SMSBs may review and attest biennially. Return to Table 2 - Senior Management footnote 2 referrer

Table 3 – Internal Audit
Industry	Regulatory Return	Filing Requirement	Frequency
D-SIB	BCAR / LRR / LCR / NSFR / Comprehensive NCCF	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category I	BCAR / LRR / LCR / NSFR / Comprehensive NCCF	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category II	BCAR / LRR / LCR / Streamlined NCCF	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review
SMSB Category III	BCAR / OCFS	Within 90 days of fiscal year-end	Effective beginning fiscal 2023 - Minimum once every three years based on DTI’s frequency of review

Date modified:: 2022-11-07