OSFI – Proposed guideline updates due to the adoption of IFRS 17

July 26, 2021 – OSFI requested comment on proposed consequential changes to existing guidance. Guidelines identified as needing amendments/rescinding to reflect adoption of IFRS 17. Agency issued table of guidelines, and annex 2 – guidelines considered separate track.

Consequential Changes:
All insurance guidelines reviewed, few determined to require revisions from IFRS 17. Table of guidelines categorized by capital adequacy requirements, prudential limits and restrictions, accounting and disclosure, and sound business and financial practices. Further, standards of sound business, financial practices for life insurance companies. Included Annex 1, which provided summary of guidelines, effective dates, and rationale. Annex 2 provided a list of guidelines that may be part of separate track, out of scope. Reported rescinding of guidelines resulting from IFRS 17 will occur on Dec. 31, 2023. Requested feedback on proposed deletions and amendments. Other suggestions for amendments not already in progress that may require further refinement to reflect IFRS 17 or IFRS 9. Included a copy of the draft IFRS 9 guidelines.

Effectiveness:
Comments on proposed consequential changes should be submitted by September 15, 2021.

For more information, visit www.osfi-bsif.gc.ca.

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