The Office of the Superintendent of Financial Institutions
(OSFI) published a
letter to Federally Regulated Insurers on August 7, 2020
outlining OSFI's updated plans for implementation of the
International Financial Reporting Standard 17 - Insurance
Contracts (IFRS 17), now that OSFI's policy development
work has resumed (see our
prior bulletin for further details).
The development of IFRS 17, which is to replace International
Financial Reporting Standard 4, was one of the many items sidelined
by COVID-19. However, updated timelines for IFRS 17 initiatives
have now been released. The Consultation on Draft IFRS 17
Regulatory Forms and Instructions, which was previously set to
close on March 21, 2020, has been extended to August 31, 2020. In
addition, the IFRS 17 semi-annual progress reports will be resuming
on September 30, 2020 and directed consultations on capital tests,
including conducting Quantitative Impact Study (QIS) exercises will
resume in the Fall of
