The data input for the Internal Capital Target Ratio (row 95) and the Operating Target Capital Ratio (rows 96-98) on page 10.41 was not correctly reflected in the submitted PC2 XML file for OSFI and the Alberta regulator. Therefore, we have updated the PC2 XML Template and provided instructions below to ensure an accurate PC2 XML submission.
• This issue affects your December 31, 2024, PC2 XML submission to OSFI and the Alberta regulators only.
• The data is accurately reflected in the ASCII and Special Excel files.
• If you are not required to create XML files due to provincial filing requirements, this notice does not apply to you.
OSFI is aware of this issue and has mandated that insurers update their December 31, 2024, PC2 filing to accurately reflect the data entered on page 10.41, rows 95 and 96-98. OSFI's deadline for this update is March 14, 2025.
We are currently waiting on confirmation from the Alberta regulator for confirmation of resubmission.
There are three available options to address the required action above. In all 3 options, a federally regulated insurer will be required to request a resubmission of the PC2 return in RRS. The instructions to request a resubmission are provided below.
For Alberta incorporated insurers, we have reached out for confirmation of their resubmission requirements but wanted to provide you with up-to-date information and actions.
1. Request a resubmission of your PC2 return in RRS (instructions below). Resubmission requests are granted immediately upon submission.
2. Once granted, directly input the corrected data for rows 95 and 96-98 into the online PC2 return, ensuring consistency with the data on page 10.41.
• This option is recommended for insurers without Alberta licensing or for whom Alberta is not the primary regulator.
1. Open the Q4 PC2 XML file submitted to the regulators using Notepad (right-click the PC2 XML file, select "Open with," then select "Notepad").
2. Search for the data points requiring updates (page 10.41, rows 95 and 96-98 as applicable).
• Example: For row 95, update the values to 350.15% (current year) and 355.25% (prior year). Repeat for rows 96-98 as applicable. Do not include extra spaces.
<P10419502 type="item">
<value>350.15</value>
</P10419502>
<P10419503 type="item">
<value>355.25</value>
</P10419503>
3. Save the modified PC2 XML file.
4. Request a resubmission of your PC2 return in RRS (instructions below).
5. In the "Draft Returns" folder, select the PC2 return and upload the updated PC2 XML file into RRS.
6. Provide the updated PC2 XML file to the Alberta regulator.
1. Download the attached revised PC2 XML Mapping template attached to this email and save it to a known folder/location for easy identification when prompted. You can either replace the existing PC2 XML template or save it to a new folder.
2. Generate a new PC2 XML file using the updated PC2 XML template and the standard "Create XML File" process within the PC Pro Annual 2024 package.
3. Request a resubmission of your PC2 return in RRS (instructions below).
4. In the "Draft Returns" folder, select the PC2 return and upload the newly generated PC2 XML file into RRS.
5. Provide the updated PC2 XML file to the Alberta regulators.
• Note: If the new PC2 XML template is saved to a different folder than the original XML templates, you will receive "PC1 XML Template not found" and "PC3 XML Template not found" messages. Click "OK" to proceed; only the PC2 return will be generated.
1. Navigate to the RRS Welcome page. Hover over "Submission" and click "Request Resubmission."
2. Click "Request Resubmission" in the "Action" column for your PC2 return.
3. Provide a brief explanation for the resubmission in the "Reasons for resubmission" box.
4. Click "Send Request" and then "Confirm."
5. Go to "Draft Returns" to correct the data and resubmit.
• Refer to Section 3.6 - Revising an Accepted Return (page 51) of the "Manage Financial Returns User Guide" (PDF) on the OSFI website (link).
• OSFI has confirmed that no late or erroneous filing penalties will be applied.
• For RRS issues, contact OSFI's RRS Support team at rrssupport-sdrsoutien@osfi-bsif.gc.ca or your Lead Supervisor.
For any questions or concerns, please contact:
• OSFI’s RRS Support team (rrssupport-sdrsoutien@osfi-bsif.gc.ca)
• Your Lead Supervisor
Ensure your organization meets all federal and provincial regulations effortlessly with our easy-to-use compliance forms tailored for the Canadian market. Stay ahead with solutions designed to keep you compliant and focused on what matters most.
Create your account today
