Federal financial regulators have issued the latest version of revisions to capital rules for life insurers, which are slated to take effect on Jan. 1, 2014.
The Office of the Superintendent of Financial Institutions (OSFI) Friday issued for comment the latest revised draft of its Minimum Continuing Capital and Surplus Requirements (MCCSR) guideline for life insurers. It’s seeking comments by Nov. 22.
In an accompanying letter, OSFI says that the revisions aim for enhanced consistency with other guidelines; incorporates various advisories; and, adopts a new treatment for assets classified as held-for-sale; among other things.
OSFI says that the modifications to the guideline consider current accounting standards, provide clarity to users, and more closely align the required capital and margin calculations with the nature of the risks.