Regulatory Statement

Purpose

This regulatory statement (statement) establishes the form and filing requirements, and specifies the annual filing interval, for the market conduct practices report that consists of two required components: 

• the Annual Statement on Market Conduct (ASMC), and   
• the Complaint Report.  

These reports are administered by the Autorité des marchés financiers (AMF). 

This statement repeals and replaces Regulatory Statement 21-019: Annual Statement on Market Conduct Filing Requirements for B.C. Authorized Insurers. 

Background

Since 2022, all insurers with a business authorization from BC Financial Services Authority (BCFSA) (excluding reinsurers, captive insurers, and reciprocals)¹ must file the ASMC directly with the AMF.   

The ASMC format has been updated to include a separate Complaints Report. Through this statement, the Superintendent of Financial Institutions (superintendent) establishes that the required form of market conduct practices report includes both the ASMC and the Complaint Report.

^{1 See FIA, ss. 1 “insurance company”, “extraprovincial insurance corporation”, 127 [Filings], 163 [Filings], 189 [Application], 192 [Provisions applicable]; Insurer Exemption Regulation, s. 10 [Extraprovincial insurance corporation- reinsurance]; and Insurance (Captive Company) Act, s. 3 [Application of other Acts to captive insurance companies]}

Requirements 

Under Sections 127(3)(b) and 163(3)(b) of the Financial Institutions Act (FIA), the superintendent establishes that an insurance company and/or an extraprovincial insurance corporation with a business authorization must file a market conduct practices report consisting of: 

1. the ASMC, and 
2. the Complaint Report. 
   
   These forms are maintained and updated by the AMF on behalf of Canadian Council of Insurance Regulators (CCIR). The superintendent specifies that the report must be filed annually by May 1 of each calendar year. 

Under sections 127(5) and 163(5) of the FIA, the market conduct practices report must be filed with the AMF. The AMF maintains a national market conduct database as the designated service provider for all member regulators of CCIR, including BCFSA. 

Market conduct practices reporting provides BCFSA with data and information about insurers’ market conduct. Late or non-filing of the market conduct practices report is subject to an administrative penalty, under section 253.1 of the FIA and the Administrative Penalties Regulation. Additional powers under the FIA and/or under the laws in other jurisdictions may apply. 

Instructions 

The ASMC and Complaint Report are available through AMF’s E-services and must be submitted through that system. Additional information is available on AMF’s Market conduct | AMF page. For assistance with AMF E-services or forms, contact AMF. 

If you have any other questions about this statement, please email insurance@bcfsa.ca. 

Legislation 

FIA, ss. 127; 163, 253.1 
Administrative Penalties Regulation 

Copies of the legislation are available from www.bclaws.gov.bc.ca. 

Regulatory Statements issued by BC Financial Services Authority (BCFSA) establish the form, content, or timing of a regulatory submission; prescribe the manner of meeting or enforcing a requirement existing in an enactment; and/or provide the BCFSA’s interpretation of the laws that BCFSA administers. Accordingly, BCFSA expects regulated entities (and others where applicable) to use the form or process, and/or to comply with the requirements set out in a Regulatory Statement. Regulatory Statements may refer to law, practice, or background existing at the time of publication. If relying on the legal information contained in a Regulatory Statement, confirm that any references to the law, including enabling legislation, are up to date and obtain independent legal advice, when needed. Regulatory Statements are effective on the date of their publication, unless stated otherwise.