![]() The Annex provides a summary of the material comments received and OSFI’s response. OSFI received over 85 comments from various stakeholders for the Life Memorandum and over 110 comments for the P&C Memorandum. OSFI would like to thank all respondents who provided feedback on the draft Memoranda during the public consultation. table years 2022, 20 will become table years 2023, 20). Please use the 2022 Memorandum and update the table years by moving forward one year (i.e. Insurance Companies Act requiring the Appointed Actuary to value the actuarial and other policy liabilities of the company as at the end of a financial year and any other matter specified in any direction that may be made by the Superintendent.įor FRIs that have fiscal year end other than December 31st and will not be reporting under IFRS 17 basis until 2024, OSFI will not issue a 2023 Memorandum under IFRS 4 basis. The changes made to the Memoranda will ensure that the standards and guidance provided for the Appointed Actuary in preparing the Appointed Actuary’s Report (AAR) will continue to satisfy the generally accepted actuarial practice requirements as per subsections 365(1) and 629(1) of the It is effective for annual periods beginning on or after January 1, 2023. ![]() IFRS 17 replaces IFRS 4, the current reporting standard. ![]() OSFI is issuing the final IFRS 17 Memoranda to The Appointed Actuary (Memoranda) for FRIs.
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