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.

December 2013

Institution

Published

Title and Brief Summary

Status

OSFI

[Applicable to insurance companies]

Issued — Dec. 20, 2013

2015 Draft MCT Guideline

Draft revised version of the Minimum Capital Test guideline for property and casualty insurers. The guideline will be applicable for the year 2015.

Interested parties are invited to provide comments by March 15, 2014.

OSFI

[Applicable to insurance companies]

Issued — Dec., 2013

MCCSR Guideline Revisions for 2014

Revisions have been made to Guideline A, Minimum Continuing Capital and Surplus Requirements (MCCSR) for life insurance companies, which has been renamed Guideline A, Minimum Continuing Capital and Surplus Requirements (MCCSR)

Effective Jan 1, 2014

OSFI

[Applicable to insurance companies]

Revised — Dec., 2013

Index DA No. 21

Further to the November 8, 2013, letter from Deputy Superintendent Mark Zelmer, the revised Transaction Instruction for Superintendent approvals for reinsurance with a related party is now available on OSFI’s website.

Effective Jan 1, 2014

Expertise

Financial Services Sectors
Insurance — Corporate and Regulatory