Insurance Capital Adequacy Guidelines from C-OSFI - Revision
Tuesday, 07 March 2023
Clarifications regarding the 2023 Life Insurance Capital Adequacy Test were released by the C-OSFI (LICAT). Clarifications and changes are made regarding owner-occupied properties, cryptocurrency assets, capital composition and limitations, as well as how outstanding premiums for branches are treated (C-OSFI LICAT 12.2.5). Outstanding premiums should only be taken into account once when determining the assets needed; they lower the liabilities of the insurance contracts. The election for volatility adjustments must be made by insurers with an IFRS 17 effective date of January 1, 2023, by March 31, 2023, and by insurers with an IFRS 17 effective date of November 1, 2023, by January 31, 2024.
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