DAILY NEWS Feb 3, 2012 4:20 PM - 0 comments

OSFI posts new form for reporting a change to a fiscal year end

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2012-02-03

Federally regulated property and casualty insurers and other financial institutions are expected to fill out a return informing Canada's federal solvency regulator about any intended change to a company's financial year-end.
The Office of the Superintendent of Financial Institutions (OSFI) has posted new general instructions for form OSFI-596 (Return of Fiscal Year End Change) on its website.
"The purpose of this return is to advise OSFI of any fiscal year end date change that occurs within your institution," OSFI said in a bulletin. "This is not an annual return and should only be used if this type of change occurs."
All required information must be entered on the return, even if some of it was previously communicated verbally or in writing to OSFI through other channels (for example, at a meeting with the relationship manager or within the filing of a bylaw amendment.
"The information must be provided on the completed returns in order to be captured by OSFI's data management systems," OSFI wrote. "This return is not subject to the Late and Erroneous Filing Penalty (LEFP) Framework."
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