The Office of the Superintendent of Financial Institutions (OSFI) is proposing some revisions to the Minimum Continuing Capital and Surplus Requirements (MCCSR) Guideline for federally-regulated life insurers,
The changes are designed to ensure that the guideline remains up-to-date and effective.
Some of the proposed changes include: revisions to the treatment of retained earnings; language to address the treatment of subsidiaries that write both life and property and casualty business within the same legal entity; and an expansion of the scope of guideline to include holding companies and non-operating life insurance companies.
The proposals are out for comment until Sept. 4, with the expectation that the revised guideline will come into effect on Jan. 1, 2016.