The Reporter provides a monthly summary of federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address provincial financial services legislative and regulatory developments, although this information is tracked by BLG and can be provided on request. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

May 2013

Institution Published Title and Brief Summary Status

OSFI

[Applicable to insurance companies]]

Issued — May 24, 2013

MCT Discussion Paper and QIS

The Minimum Capital Test (MCT) discussion paper communicates proposed changes to the MCT for Canadian property and casualty (P&C) insurers and the Branch Adequacy of Assets Test for branches of foreign P&C insurance  companies.

The Quantitative impact study (QIS) is intended to estimate the capital impact of the proposed changes on individual companies.

Comments and the completed QIS files should be submitted by July 31, 2013.

OSFI

[Applicable to banks, trust and loan companies, and insurance companies]

Issued — May 5, 2013

Revisions to Incorporation Guides and  Transaction  Instructions

The Guides and Transaction Instructions have been updated to make OSFI’s expectations more transparent. The revisions largely reflect information requirements and guidance that were being communicated to applicants informally. The revisions reflect OSFI’s expectations and practices as at December 31, 2012. As these expectations and practices continue to evolve, the Guides and Transaction Instructions will be updated when and as needed.

Effective

Expertise

Financial Services Sectors
Banking and Financial Services
Regulatory