On October 3, 2013, the Autorité des marchés financiers (AMF) published a notice introducing new requirements for the audit of minimum capital test ratios for both property and casualty and life and health insurers.
This notice is intended only for Quebec-chartered insurers.
Starting with the financial year ending December 31, 2013, the minimum capital test ratio or the capital adequacy requirements ratio will have to be covered by an audit and an auditor’s report separate from the report that is customarily filed with the AMF at the same time as the VIE-1 and P&C-1 annual statements.
The details of these new requirements are available here (in French only for the time being).
