This educational note provides an overview of guidance to actuaries in several areas affecting the reporting of the 2021 regulatory capital requirements and financial condition testing of Life, P&C and Mortgage insurers operating in Canada. In addition, the note provides an update on recently published educational notes and introductory information about potential changes in regulatory capital reporting. This educational note is not intended to replace the review of applicable guidelines by the actuary but provides a high-level summary of key changes and updates. The actuary should refer to regulators’ publications and to the relevant guideline(s) in order to ascertain whether the changes impact his or her situation. The guidance in this educational note represents a majority view of the members of the Committee on Risk Management and Capital Requirements (CRMCR) of appropriate practice consistent with the Standards of Practice (SoP).
As the COVID-19 situation continues to evolve, it is highly recommended that actuaries pay close attention to all guidance and updates from the Office of the Superintendent of Financial Institutions (OSFI), the Autorité des marchés financiers (AMF), and the Canadian Institute of Actuaries (CIA) as the information presented in this educational note may not fully capture all the impacts of the pandemic on timelines and regulatory requirements by the time of its publication.