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Filing Requirements for Life Insurance Companies and Fraternal Benefit Societies Incorporated in the Province of B.C.
Filing Requirements for Life Insurance Companies and Fraternal Benefit Societies Incorporated in the Province of B.C.
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Pursuant to section 127 of the Financial Institutions Act (“FIA”), every life insurance company and fraternal benefit society incorporated in the Province of B.C. 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.
Unless otherwise indicated, the filing requirements must be submitted through BCFSA’s Integrated Regulatory Information System (“IRIS”) portal.
Further instructions can be found here:
Monthly
| Filing Requirements | Legislative Reference | Due Date | Format Required |
| Regulations Reporting | Criminal Code s83.11 and Justice for Victims of Corrupt Foreign Officials Act s7 | By 15th of Each Month | Webform |
Quarterly
| Filing Requirements | Legislative Reference | Due Date | Format Required 1 |
| Life Core Financial Statement Return (LF1) | FIA s127(3)(a) | Within 30 Days of Quarter End | Special Excel and ASCII Files |
| Life Supervisory Quarterly Return (LF2) | FIA s127(3)(a) | Within 30 Days of Quarter End | Special Excel and ASCII Files |
| Life Supplementary Quarterly Return (LF4) | FIA s127(3)(a) | Within 30 Days of Quarter End | Excel File |
| Life Provincial Return (LFPROV) | FIA s127(3)(a) | Within 30 Days of Quarter End | Special Excel and ASCII Files |
| Life Insurance Capital Adequacy Test (LICAT) Quarterly Return (LCQ) | FIA s127(3)(a) | Within 30 Days of Quarter End | Special Excel and ASCII Files |
| Senior Management Attestation on LICAT Cover Schedule (effective for fiscal year ending 2026) | FIA s127(3)(a) | Within 30 Days of Quarter End | Special Excel File |
Annual
| Filing Requirements | Legislative Reference | Due Date | Format Required 1 |
| Life Core Financial Statement Return (LF1 for Q4) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Special Excel and ASCII Files |
| Life Supervisory Quarterly Return (LF2 for Q4) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Special Excel and ASCII Files |
| Life Supervisory Annual Return (LF3) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Special Excel and ASCII Files |
| Life Supplementary Quarterly Return (LF4 for Q4) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Excel File |
| Life Provincial Return (LFPROV for Q4) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Special Excel and ASCII Files |
| Auditor’s Report to the Superintendent on the Annual Life Return | FIA s127(1)(c) | Within 60 Days of Fiscal Year-End | |
| LICAT Quarterly Return and Annual Supplement (LCQ for Q4 and LCA) | FIA s127(1) | Within 60 Days of Fiscal Year-End | Special Excel and ASCII Files |
| Auditor’s Report to the Superintendent on the LICAT Return | FIA s127(1)(c) | Within 60 Days of Fiscal Year-End | |
| LICAT Public Disclosure Document | FIA s127(1) | Within 60 Days of Fiscal Year-End | |
| External Audit Opinion on the numerator and denominator of key regulatory ratios in LICAT Schedule 10.100 (effective for fiscal year ending 2026) | FIA s127(3)(a) | Within 90 Days of Fiscal Year-End | |
| Senior Management Attestation on LICAT Cover Schedule for Q4 (effective for fiscal year ending 2026 | FIA s127(3)(a) | Within 60 Days of Fiscal Year-End | Special Excel File |
| Audited Financial Statements (Consolidated include Auditor’s Report and Non-Consolidated if applicable) | FIA s127(1)(b) & (c) | Within 60 Days of Fiscal Year-End | |
| If a financial institution is a subsidiary, and the parent is a corporation, the audited financial statements with the auditor’s report for that financial year for the parent corporation | FIA s127(1)(e) | Within 60 Days of Fiscal Year-End | |
| Financial Statements for each Subsidiary (include any Auditor’s Report) | FIA s127(1)(b) | Within 60 Days of Fiscal Year-End | |
| Most Recent Business or Strategic Plan and Annual Budget | FIA s127(3)(a) & (c) | Within 60 Days of Fiscal Year-End | |
| Director’s Resolution Approving the Annual Returns listed below: Life Core Financial Statement Return (LF1 for Q4), Life Supervisory Quarterly Return (LF2 for Q4), Life Supervisory Annual Return (LF3), Life Supplementary Quarterly Return (LF4 for Q4), Life Insurance Capital Adequacy Test (LCQ for Q4 and LCA), and Life Provincial Return (LFPROV for Q4). | FIA s127(1)(d) | Within 60 Days of Fiscal Year-End | |
| List of shareholders and entities owning 10% or more of any class of shares (include name and percentage of ownership) | FIA s127(3)(d) | Within 60 Days of Fiscal Year-End | |
| Actuarial Report with an Expression of Opinion | FIA s126.26 | Within 60 Days of Fiscal Year-End | |
| Own Risk and Solvency Assessment Key Metrics Report | FIA s127(3)(c) | Within 60 Days of Fiscal Year-End | Excel |
| Internal Capital Targets (total and core) | FIA s127(3)(a) | Within 60 Days of Fiscal Year-End | Webform |
| Corporate Information Form (Form) | FIA s127(3)(c) | Within 60 Days of Fiscal Year-End | Fillable PDF |
| List of Directors and Senior Officers | FIA s127(3)(d) | Within 60 Days of Fiscal Year-End | |
| Annual Statement of Market Conduct (ASMC), if applicable (submitted directly to Autorité des Marchés Financiers) | FIA s127(5) | By May 1st of Each Year | Excel, AMF E-services for Complaints Reporting |
Other
| Filing Requirements | Legislative Reference | Due Date | Format Required |
| Financial Condition Testing | FIA s127(3)(a) | Within 30 Days after Board Approval | |
| Notice of Annual and Special General Meeting (include materials provided to shareholders) | FIA s127(3)(d) | Minimum 18 Days Prior to the Meeting | |
| Board and Committee Meeting Package (include minutes, on-table items and materials provided to directors)2 | FIA s127(3)(d) | Promptly After the Mailing | |
| Own Risk and Solvency Assessment Report | FIA s127(3)(c) | Within 30 Days After Received by the Board | |
| Peer Review Report of the Appointed Actuary’s Work and Report | FIA s127(3)(c) | Promptly After it Becomes Available | |
| Investment and Lending Policy (ILP) and Director’s Resolution Approving the ILP or Amended ILP | FIA s127(2)(c), s136(6), s127(3)(d) | Within 5 Days from Approval of Amendment | |
| Personal Information Return (PIR) (PIR Form) for Directors, Senior Officers, and Shareholders | FIA s13(2)(e), s22(2)(c) and s105 | Before Commencing Duties | Fillable PDF |
| • Most recent resume for PIR | Before Commencing Duties | ||
| • Criminal Record Check for PIR | When it Becomes Available | ||
| • Bankruptcy and Insolvency Check for PIR | When it Becomes Available | ||
| Written Notice to the Superintendent of the Resignation, Removal, Election or Appointment of a Director or Senior Officer | FIA s99(4) | Immediately After the Effective Date | |
| Written Statement from Director Outlining the Reasons for Resignation | FIA s109(1) | Immediately After Receiving the Statement | |
| Written Notice to the Superintendent of the Appointment, Removal or Resignation of an Auditor | FIA s117(1) | Promptly After | |
| Written Statement Outlining the Reasons for the Auditor’s Resignation | FIA s119(2) | Promptly After | |
| Amended Financial Statements | FIA s121(a) Business Corporations Act s216(2) | Promptly After | |
| Statement concerning Financial Affairs that is filed with or delivered to the British Columbia Securities Commission or a similar authority outside British Columbia | FIA s127(2)(a) | Within 5 Days of Filing a Statement |
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 filings@bcfsa.ca.