2024-11-21

IFRS 17 Insurance Contracts Guideline

OSFI has issued this guideline to clarify IFRS 17 application for federally regulated insurers, ensuring compliance with prudential expectations and Canadian GAAP audit standards. The regulator requires mortgage insurers to classify financial guarantee contracts as insurance contracts, mandates gross accounting for intra-group pooling arrangements, and directs captive fronting contracts to be fully accounted for under IFRS 17 with specific disclosure obligations. Institutions must consistently apply these treatments, notify their lead supervisor when electing alternative accounting for captive fronting arrangements, and align their regulatory returns with OSFI’s updated measurement guidance.

Canada

Office of the Superintendent of Financial Institutions

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