The Office of the Superintendant of Financial Institutions has announced that it:
is releasing a revised Minimum Continuing Capital and Surplus Requirements (MCCSR) Guideline and four advisories.
“OSFI reviews its regulatory capital framework on a regular basis to protect depositors and policyholders by ensuring financial institutions maintain adequate capital levels while reflecting the risks and market conditions that financial institutions face in a competitive global marketplace,” says Robert Hanna, Assistant Superintendent, Regulation Sector.To help achieve this balance, revisions are being made to the MCCSR Guideline, which sets the capital rules for the federally regulated life insurance industry. In addition, three new advisories that focus on life insurance capital are being issued.
Late on Christmas eve is a classic time for private companies to release things like profit warnings … things they are required to release, but which they hope will evade careful scrutiny.
[…] Readers will remember that OSFI made a late Christmas Eve announcement of major changes to the MCCSR guidelines, which included: Revised methodologies for calculating […]