OSFI Updated Guideline E-19, Guideline A-4, and ORSA KMR ...

The Guideline E-19 sets out OSFI's expectations about the ORSA of federally regulated insurers. The Guideline A-4 sets out OSFI's expectations ... 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TheGuidelineE-19setsoutOSFI’sexpectationsabouttheORSAoffederallyregulatedinsurers.TheGuidelineA-4setsoutOSFI’sexpectationsonthecapitalandsolvencyassessmentoffederallyregulatedinsurerswithinthecontextofitssupervisoryframework. TheORSAKMRformprovidesasummaryoftheresultsoftheinsurer'sORSAprocessfordeterminingowncapitalneedsandinternaltargets,asperOSFI'sexpectations(outlinedinGuidelinesA-4andE-19). OSFIreleasedapublicconsultationfortherevisedversionsofthementioneddocuments.TheupdatesarelargelyaresultoftheupcomingintroductionofLifeInsuranceCapitalAdequacyTest(LICAT)in2018forlifeinsurers.TheLICATwillresultinanumberofchangestothecurrentlifeinsurancecapitalframework,whichmustbereflectedinallrelevantOSFIguidance.OSFIalsopublishedORSAKMRandaccompanyinginstructions.AllfederallyregulatedinsurancecompaniesarerequiredtocompleteaKMR.TheKMRistobesubmittedtoOSFIatleastannuallyandwithinthirtydaysoftheORSAreportbeingreviewedbythefederallyregulatedinsurancecompanies’BoardofDirectorsorsignedoffbytheChiefAgent.TohelpcompletetheKMR,OSFIhasprovidedseparateKMRinstructionsforlifeinsurersandpropertyandcasualty insurers.   RelatedLinks GuidelineE-19(PDF) GuidelineA-4(PDF) KMR(XLSX) KMRInstructionsforP&CInsurers(PDF) KMRInstructionsfor LifeInsurers(PDF) LICAT CommentDueDate:August18,2017 EffectiveDate:January01,2018 Keywords: Americas,Canada,Insurance,LICAT,Guideline,RegulatoryCapital,ORSA,OSFI PreviousArticle ECRegulationSupplementingCRRonLiquidityFlowsinaGrouporIPS NextArticle IMFPublishesFSSAandArticleIVConsultationReportsonJapan News FDICPublishesDraftPrinciplesonClimate-RelatedFinancialRisks TheFederalDepositInsuranceCorporation(FDIC)isconsultingonthestatementonprinciplesforthemanagementofclimateriskbylargefinancialinstitutions,withcommentperiodendingonJune3,2022. 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