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It is time to file your annual returns

Pursuant to Section 102 of the Insurance Act (Ontario), all Ontario insurers are required to file annual returns for the year ended on October 31, 2021 or December 31, 2021, with the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario, or his or her designate. Section 447 of the Insurance Act provides penalties for those insurers who do not comply with the filing requirements.

If you do not file, your company is not compliant.

Please visit the Financial Services Regulatory Authority of Ontario (FSRA) website for filing requirements and reference documents.

Updates required for 2021 include:

  • Notice – Filings of 2021 Annual Return for Ontario – Extra Provincial Insurance Companies Licensed in Ontario
  • Notice – 2021 Premium Information for Cost Assessment – Non-Ontario Incorporated Property and Casualty Insurance Companies and Reciprocals
  • 2021 Annual Return Instructions
  • 2021 Memorandum and Instructions for the Actuary's Report on Property and Casualty Insurance Business
  • 2021 Filing Information for Insurers Licensed in Ontario detailing Ontario filing requirements
  • Consent and Notification pursuant to the Freedom of Information and Protection of Privacy Act, Ontario
  • 2021 Premium Information Used for Cost Assessment in Ontario
  • Avoiding over-assessment for companies with insurance subsidiaries

The Filing Information for Insurers Licensed in Ontario details the forms and reports required by Ontario.  We request that the 2021 annual returns be delivered in an electronic copy format (pdf, excel, ASCII file) as applicable versus a paper format as part of our process improvement measures.  Please note the insurer number on each document filed.  Where Auditors’ Reports are referenced, we require both the Auditors’ Report addressed to the primary regulator and the Auditors’ Report to the shareholders/policyholders together with the audited financial statements.

If the company intends to change its licence status (i.e. discontinuing, withdrawing or merging) the Licensing Approvals Unit should be contacted at LicensingApprovals@fsrao.ca. If appropriate, adjustments will be made to the 2021 Preliminary Assessment.

All Section 102 filings should be filed with FSRA by February 28, 2022. Please forward your electronic documents to ccoupdates@fsrao.ca 

For more information

Helpful resources on updated forms and instructions are also available on the Office of Superintendent of Financial Institutions' website or the FSRA website.

If you have any issues or concerns, please do not hesitate to contact ccoupdates@fsrao.ca

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