OSFI is updating regulatory returns for every federally regulated insurer in Canada, with revised filings expected starting Q1 2027.
The Office of the Superintendent of Financial Institutions has released new instructions spelling out how IFRS 18 - formally, Presentation and Disclosure in Financial Statements - will change the way insurers file their regulatory returns. The standard applies to annual reporting periods beginning on or after January 1, 2027, and filings using the revised OSFI regulatory returns will be expected starting with fiscal Q1 2027.
At the center of it: IFRS 18 introduces three categories for the statement of profit or loss - Operating, Investing, and Financing. OSFI has updated its regulatory returns templates for insurers to reflect these categories, providing a preview of the anticipated final templates. Insurers are expected to determine their main business activities based on the nature of their operations, and activities that support an insurer's core business may be included in the operating category.
Three sector-specific templates have been released in preview form - one each for Life insurance, Property and Casualty insurance, and Mortgage Insurance. OSFI's insurance regulatory returns follow IFRS 18 and use a structured format to ensure consistency across insurance institutions for regulatory reporting. Core activities related to an insurer's main business operations are grouped within the operating category. Because of this structured approach, OSFI has designed one standardized regulatory return template, which is similar across the insurance industries. The updated design reflects feedback from select industry participants and external auditors.
What OSFI is not doing: issuing guidance on classification judgments, disclosure requirements, or documentation standards. Institutions retain flexibility to apply their own in those areas. OSFI says institutions should consult their external auditors to support consistent application of IFRS 18. The regulator will provide updated filing instructions and validation rules where needed.
Most changes affect the core financial return, especially the statement of profit or loss. Some supporting schedules have also changed so that the totals in those schedules align with the revised statement of profit or loss. OSFI supervisory analysis will not change materially because of the changes to IFRS presentation.
Final regulatory returns for each insurer sector will be published as part of OSFI's Third Quarterly Release, September 21, 2026.
For questions or comments on these returns, institutions can contact [email protected].
The document, last updated April 20, 2026, is classified as an instructions-type document applicable to insurance companies and deposit-taking institutions.
