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Filing Requirements for Mortgage Insurance Corporations Authorized in the Province of B.C.
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Pursuant to section 163 of the Financial Institutions Act, every mortgage insurance corporation incorporated by or under the laws of a jurisdiction other than B.C. (extraprovincial mortgage insurance corporation) 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 below are due within 60 days of the corporation’s fiscal year end and must be submitted through BCFSA’s Integrated Regulatory Information System (“IRIS”) portal.
Further instructions can be found here:
| Filing Requirements | FIA Section | Due Date | Format Required |
| Mortgage Insurers Core Financial Statement Return (MI3 for Q4) | 163(1) | Within 60 days of fiscal year end | Special Excel and ASCII files |
| Mortgage Insurers Supervisory Quarterly Return (MI4 for Q4) | 163(1) | Within 60 days of fiscal year end | Special Excel and ASCII files |
| Mortgage Insurers Supervisory Annual Return (MI5) | 163(1) | Within 60 days of fiscal year end | Special Excel and ASCII files |
| Mortgage Insurers Provincial Annual Return (MIPROV for Q4) | 163(1) | Within 60 days of fiscal year end | Special Excel and ASCII files |
| Auditor’s Report on the Canadian Mortgage Insurers Annual Return | 163(1) | Within 60 days of fiscal year end | |
| Mortgage Insurer Capital Adequacy Test (MICAT for Q4) | 163(1) | Within 60 days of fiscal year end | Special Excel and ASCII files |
| Auditor’s Report on MICAT | 163(1) | Within 90 days of fiscal year end | |
| External Audit Opinion on the numerator and denominator of key regulatory ratios in MICAT Schedule 10.102 | 163(3) | Within 90 days of fiscal year end | |
| Senior Management Attestation on MICAT Cover Schedule (for Q4)2 | 163(3) | Within 60 days of fiscal year end | Special Excel File |
| Internal Audit Opinion on the effectiveness of the processes and internal controls in place for the MICAT2 | 163(3) | Within 90 days of fiscal year end | Special Excel File or PDF |
| Insurance Annual Fee (Financial Institutions Fees Regulation section 2(1) and item 11.1) | - | Within 60 days of fiscal year end | - |
| Opinion of the Appointed Actuary from the Actuarial Report | 163(1) | Within 60 days of fiscal year end | |
| Annual Financial Statements (include Auditor’s Report) | 163(1)(a) | Within 60 days of fiscal year end | |
| Parent’s Annual Financial Statements (include Auditor’s Report, if any) | 163(1)(b) | Within 180 days of fiscal year end | |
| Earthquake Exposure Data Form | 163(3)(c) | By May 31st of Each Year | Excel |
| Annual Statement of Market Conduct (ASMC)1 | 163(3)(b) | By May 1st of Each Year | Excel, AMF E-services for Complaints Reporting |
2 Required to be filed with BCFSA if it must be filed with the primary regulator.
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.