What happened: OSFI says its P&C regulatory return forms stay the same for Q4 2026.
Who's involved: OSFI and federally regulated P&C insurers, including Canadian branches of foreign insurers.
What's at stake: Which return versions insurers file, and when the IFRS 18 updates kick in.
Why it matters: Reporting teams can plan the switch now - the start date depends on their fiscal year end.
Where it stands: OSFI sent the letter October 22, 2026; the updated 2027 returns are already online.
Good news for anyone who files P&C returns with OSFI: the forms aren't changing this quarter.
The Office of the Superintendent of Financial Institutions confirmed it in its yearly update on financial reporting forms for property and casualty companies, sent October 22, 2026. The letter went to chief executives and chief agents at federally regulated P&C insurers and Canadian branches of foreign ones. It covers forms from both OSFI and the Canadian Council of Insurance Regulators for 2026-27.
For Q4 2026, four returns stay exactly as they are: the core financial quarterly return (PC1), the supervisory quarterly and annual returns (PC2 and PC3), and the provincial return (PCPROV).
Starting in Q1 2027, all four get updated to fit IFRS 18. That's the new international accounting standard on how companies present and disclose their financial statements. It replaces IAS 1 and applies to annual reporting periods starting on or after January 1, 2027.
OSFI has said the standard sorts the profit or loss statement into three buckets - operating, investing and financing - and that its own supervisory analysis won't change materially because of it.
Nobody has to guess what the new forms look like. OSFI says the updated returns, instructions and supporting documents are already on its website, with a summary of the changes in Section VI of the instructions.
When each insurer makes the jump depends on its calendar. Those with a December fiscal year end start filing the IFRS 18 versions in Q1 2027. Insurers with an October year end stay on the current returns through the 2026-27 fiscal year, then switch for their Q1 2027-28 filing period.
So for a stretch of 2027, one company may already be on the new layout while a competitor is still using the old one.
Capital reporting stays steady too. OSFI made no changes to the PC4 return - the quarterly filing for the Minimum Capital Test and the Branch Adequacy of Assets Test - or to its instructions for Q4 2026 and Q1 2027. Insurers with an October year end will start using the 2026 PC4 version for their Q1 2026-27 filing period.
One piece is still on the way: validation rule updates. OSFI says those will go up on its website once they're available in the RRS system. Questions go to each company's lead supervisor at OSFI, or to the returns administration team for help completing or filing.
Reporting teams can map out the year now: current forms for Q4 2026, then the IFRS 18 versions from Q1 2027 for December filers and from Q1 2027-28 for October filers.
