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ARTICLE · 29 SEPTEMBER 2014

OSFI's Revamped, Risk-Based MCT Guideline In Place For 2015

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OSFI announced that recent revisions to the Minimum Capital Test (MCT) Guideline will come into effect on January 1, 2015.

CanadaInsurance
Carol Lyons
Carol Lyons
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On September 24, 2014 the Office of the Superintendent of Financial Institutions Canada (OSFI) announced that recent revisions to the Minimum Capital Test (MCT) Guideline will come into effect on January 1, 2015 (subject to a 3-year phase in period). This is not breaking news for Canadian federally regulated property and casualty insurers. The changes have been brewing for some time. In May of 2013, OSFI published for public consultation a discussion paper on proposed changes to the regulatory capital framework for federally regulated property and casualty insurers. Then on December 20, 2013, OSFI published the draft 2015 MCT Guideline for industry consultation. After receiving a good number of submissions, the 2015 MCT Guideline has now been finalized.

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