FSRA releases updated Minimum Capital Test Guidance for Ontario P&C insurers
The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its updated Minimum Capital Test Guideline for Ontario-incorporated Property and Casualty Insurance Companies and Reciprocals. The Minimum Capital Test Guideline helps to ensure insurance companies in Ontario are financially sound and can fulfill their commitments to individuals and families who hold insurance policies.
FSRA’s Guideline adopts the Office of the Superintendent of Financial Institutions’ (OSFI) 2023 Minimum Capital Test Guideline to provide consistency with other provincial regulators and supervisors in Canada and international best practices for insurance supervision.
FSRA’s Guideline is effective on January 1, 2023.
FSRA remains open to receiving comments on this guidance and will consider updating its Minimum Capital Test Guideline as necessary. The new Guideline will replace the Financial Services Commission of Ontario’s (FSCO) existing 2019 MCT Guideline.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority of Ontario
Email: [email protected]