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Filing Requirements for Life Insurance Companies and Fraternal Benefit Societies Licensed in the Province of B.C.
Pursuant to section 163 of the Financial Institutions Act, every life insurance company and fraternal benefit society incorporated by or under the laws of a jurisdiction other than B.C. (extraprovincial life insurance company and fraternal benefit society) that held a business authorization for this province at the end of its latest fiscal year is required to file year end information with this office.
The filing requirements table below is effective for annual periods beginning on or after January 1, 2023. The table has been updated for return changes made for IFRS 17. Unless otherwise indicated, the filing requirements below are due within 60 days of the company’s fiscal year end and must be submitted through BCFSA’s Integrated Regulatory Information System (“IRIS”) portal. For October year end companies, IFRS 17 will be implemented for the annual period beginning on November 1, 2023. These companies should refer to IFRS 4 filing requirements for the fiscal year ending October 31, 2023.
Instructions for making payments with IRIS: Insurance Fee Schedule | BCFSA
Instructions for managing submissions with IRIS: Managing Submissions | BCFSA
| Extraprovincial Insurance Companies | Fraternal Benefit Societies | ||||||||
| Filing Requirements | FIA Section | Format Required | OSFI | OSFI (Foreign Branch) | Alta. | N.B. | Que. | OSFI | OSFI (Foreign Branch) |
| Life Core Financial Statement Return (LF1 for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x3 | x | x | x |
| Life Supervisory Quarterly Return (LF2 for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x3 | x | x | x |
| Life Supervisory Annual Return (LF3) | 163(1) | Special Excel and ASCII Files | x | x | x | x3 | x | x | x |
| Life Supplementary Quarterly Return (LF4 for Q4) | 163(1) | Excel File | x | x | x5 | x3,5 | - | x | x |
| Life Provincial Return (LFPROV for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x3 | x | x | x |
| Auditor’s Report to the Superintendent on the Life Annual Return | 163(1) | x | x1 | x | x3 | x | x | x1 | |
| Life Insurance Capital Adequacy Test (LICAT) Quarterly Return and Annual Supplement (LCQ for Q4 and LCA) | 163(1) | Special Excel and ASCII Files | x | - | x | x3 | - | x | - |
| Auditor’s Report to the Superintendent on the LICAT Return | 163(1) | x2 | - | x | x3 | - | - | - | |
| Opinion of the Appointed Actuary from the Actuarial Report | 163(1) | x | x | x | x3 | x | x | x | |
| Annual Financial Statements (include Auditor’s Report) | 163(1)(a) | x | - | x | x3 | x | x | - | |
| Parent’s Annual Financial Statements (include Auditor’s Report, if any) | 163(1)(b) | x4 | - | x4 | x4 | x4 | x4 | - | |
| Internal Capital Target (ICT) – Total and Core | 163(3)(a) | ICT% only | x | x | x | x3 | x | x | x |
| Insurance Annual Fee (Financial Institutions Fees Regulation Section 2(1) and item 11.1) | - | - | x | x | x | x | x | x | x |
| Life Insurance Margin Adequacy Test (LIMAT) Quarterly Return and Annual Supplement (LCQ for Q4 and LCA) | 163(1) | Special Excel and ASCII Files | - | x | - | - | - | - | x |
| Auditor’s Report on LIMAT | 163(1) | - | x1 | - | - | - | - | - | |
| Annual Financial Statements Canadian Branch (include Auditor’s Report) | 163(1)(a) | - | x1 | - | - | - | - | x1 | |
| World-wide Annual Financial Statements (include Auditor’s Report, if any) | 163(1)(b) | - | x4 | - | - | - | - | x4 | |
| Exigences de Suffisance du Capital en Assurance de Personnes (ESCAP) Quarterly Return (Q4 only) and Annual Supplement | 163(1) | Special Excel and ASCII Files | - | - | - | - | x | - | - |
| Auditor’s report on ESCAP | 163(1) | - | - | - | - | x2 | - | - | |
| Annual Statement of Market Conduct (ASMC)6 | 163(3)(b) | Excel File | x | x | x | x | x | x | x |
2 Requirement due within 90 days of the company’s fiscal year end
3 Requirement due by March 31st
4 Requirement due within 180 days of the company’s fiscal year end
5 Required to be filed with BCFSA if it must be filed with the primary regulator
6 ASMC is required to be filed with the AMF by May 1st of each year
Penalties for Non-Compliant Filing
Please note that some of the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.
Questions
If you have questions, please contact BCFSA at [email protected].