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Filing Requirements for Property & Casualty Insurance Corporations Authorized in the Province of B.C.
Pursuant to section 163 of the Financial Institutions Act, every property and casualty insurance corporation incorporated by or under the laws of a jurisdiction other than British Columbia (extraprovincial property and casualty 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 | Format Required | OSFI | OSFI (Foreign Branch) | Alta. Ont. P.E.I. Sask. | Man. | Que. |
| P&C Core Financial Statement Return (PC1 for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x | x |
| P&C Supervisory Quarterly Return (PC2 for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x | x |
| P&C Supervisory Annual Return (PC3) | 163(1) | Special Excel and ASCII Files | x | x | x | x | x |
| Minimum Capital Test (MCT)/Branch Adequacy of Assets Test (BAAT) Quarterly Return (PC4 for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x | x |
| P&C Provincial Return (PCPROV for Q4) | 163(1) | Special Excel and ASCII Files | x | x | x | x | x |
| Auditor’s Report to the Superintendent on the P&C Annual Return | 163(1) | x | x1 | x | x | x | |
| Auditor’s Report to the Superintendent on the MCT | 163(1) | x2 | - | x | x | x2 | |
| External Audit Opinion on the numerator and denominator of key regulatory ratios in MCT Schedule 10.00 | 163(3) | x2,4 | - | x2,4 | x2,4 | x2,4 | |
| Senior Management Attestation on MCT Cover Schedule (for Q4) | 163(3) | Special Excel File | x4 | - | x4 | x4 | x4 |
| Internal Audit Opinion on the effectiveness of the processes and internal controls in place for the MCT6 | 163(3) | Special Excel File or PDF | x2,4 | - | x2,4 | x2,4 | x2,4 |
| Insurance Annual Fee (Financial Institutions Fees Regulation section 2(1) and item 11.1) | - | - | x | x | x | x | x |
| Opinion of the Appointed Actuary from the Actuarial Report | 163(1) | x | x | x | x | x | |
| Annual Financial Statements (include Auditor’s Report) | 163(1)(a) | x | - | x | x | x | |
| Parent’s Annual Financial Statements (include Auditor’s Report, if any) | 163(1)(b) | x3 | x3 | x3 | x3 | x3 | |
| Earthquake Exposure Data Form | 163(3)(c) | Excel | x1 | x1 | x1 | - | x1 |
| Auditor’s Report on BAAT | 163(1) | - | x1 | - | - | - | |
| External Audit Opinion on the numerator and denominator of key regulatory ratios in BAAT Schedule 10.00 | 163(3) | - | x1,4 | - | - | - | |
| Senior Management Attestation on BAAT Cover Schedule (for Q4) | 163(3) | Special Excel File | - | x4 | - | - | - |
| Internal Audit Opinion on the effectiveness of the processes and internal controls in place for the BAAT6 | 163(3) | Special Excel File or PDF | - | x2,4 | - | - | - |
| Annual Financial Statements Canadian Branch (include Auditor’s Report) | 163(3)(a) | - | x1 | - | - | - | |
| Annual Foreign Corporation Financial Statements (include Auditor’s Report) | 163(1)(a) | - | x1 | - | - | - | |
| Annual Statement of Market Conduct (ASMC)5 | 163(3)(b) | Excel File, AMF E-services for Complaints Reporting | x | x | x | x | x |
2 Requirement due within 90 days of the company’s fiscal year end
3 Requirement due within 180 days of the corporation’s fiscal year end
4 Required to be filed with BCFSA if it must be filed with the primary regulator
5 ASMC is required to be filed with the AMF by May 1st of each year
6 Required at a minimum once every three years
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.