In 2011, the Office of the Superintendent of Financial Institutions Canada (OSFI) introduced changes in reporting premiums to page 67.10 of the P&C returns - from non-consolidated to consolidated. Companies with insurance subsidiaries are now reporting their premiums combined with companies they own. However, this reporting requirement change does not exempt subsidiaries from reporting their premiums; they are still required to file their annual P&C returns.
Financial Services Commission of Ontario (FSCO) assesses insurance companies based on their written premiums in Ontario. FSCO receives the premium information from OSFI, which, as mentioned above, is now consolidated. Therefore, companies with insurance subsidiaries are exposed to a potential risk of being overcharged in their assessment.
To avoid potential over assessment, FSCO is asking all P&C companies to submit a completed Premium Information Used for Cost Assessment in Ontario
form to firstname.lastname@example.org
by February 29, 2016
. Otherwise, assessment on your company will be based on the premium information provided by OSFI.
Companies with insurance subsidiaries, please continue to submit page 93.30 of annual P&C return in addition to the Cost Assessment Form.
If you have any questions, contact Ivy Lau, Information Analyst at 416-590-7568 or email@example.com