Regulatory Alerts2024-12-19
Notice of Change to Filing Frequency for Guarantee Instrument Declarations Under the AMF Guide
The Autorité des marchés financiers (AMF) has amended the filing frequency requirements for Québec insurers under its Guide respecting the Use of Guarantee Instruments. Effective January 1, 2025, insurers may elect to submit their annual declarations by December 31 instead of the previous quarterly schedule, thereby reducing compliance burdens while preserving capital credit offsets for unregistered reinsurance contracts. The regulator retains the authority to adjust this filing frequency again based on evolving market conditions.
Notice of change to the frequency with which declarations are to be filed with the AMF – Guide respecting the Use of Guarantee Instruments The Guide respecting the Use of Guarantee Instruments requires Québec insurers to file with the AMF, on a quarterly basis, a declaration as well as an electronic file (text format) containing specific information respecting the insurer's use of guarantee instruments in connection with unregistered reinsurance contracts in order to benefit from credit offsets in respect of capital requirements. In line with its strategic initiatives to optimize compliance burden, which derive from its 2021-2025 Strategic Plan, the AMF hereby notifies insurers that, effective January 1, 2025, they may, at their choice, continue to file their declarations on a quarterly basis or file them just once a year, to December 31. The AMF may change the filing frequency again if it determines that doing so is warranted by market conditions. Further information Further information is available from the AMF Information Centre: Québec City: 418.525.0337 Montréal: 514.395.0337 Toll-free: 1.877.525.0337 www.lautorite.qc.ca December 19, 2024