The Financial Services Regulatory Authority of Ontario (FSRA) is responsible for licensing insurance companies in Ontario.
IFRS 17 is a set of International Financial Reporting Standards (IFRS). IFRS 17 was issued by the International Accounting Standards Board (IASB) in May 2017 and sets out requirements for a company reporting information about insurance contracts it issues and reinsurance contracts it holds.
In June 2020, the IASB amended the IFRS 17 Insurance Contracts. All Ontario incorporated insurers are required to adopt IFRS 17 by January 1, 2023.
Per Section 102, subsection 2 of the Insurance Act, RSO 1990, a statement of condition of affairs of an insurer shall be in a form approved by the Chief Executive Officer. Ontario Incorporated Insurers are subject to IFRS as issued by IASB and to IFRS 17 reporting standard, which affects the recognition and measurement, presentation, and disclosure of insurance contracts.
FSRA may specify additional accounting guidance or disclosure requirements or require Ontario Incorporated Insurers to use a specific option, within an applicable accounting standard. FSRA makes these specifications in situations where there is a prudential need for additional accounting guidance.
New Reporting Requirements Effective June 2021:
- FSRA requires all Ontario incorporated insurers to submit semi-annual progress reports about their company’s transition to IFRS 17.
- Insurers must submit semi-annual progress reports on or before:
- July 16, 2021
- November 30, 2021
- May 31, 2022
- November 30, 2022
- May 31, 2023
- Reports must include:
All reports and any questions can be directed to FSRA Relationship Manager, Boniface Tuurosong at [email protected].