OSFI Confirms P&C Insurance Reporting Standards

Canadian regulators maintain current return forms for the fourth quarter before the shift to IFRS 18.

Updated on Oct. 24, 2026 in Insurance

OSFI Confirms P&C Insurance Reporting Standards

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The Office of the Superintendent of Financial Institutions (OSFI) announced that property and casualty (P&C) insurers will maintain current regulatory return forms for the fourth quarter of 2026. This stability precedes a mandatory transition to IFRS 18 international accounting standards starting in 2027.

Why it matters

The implementation of IFRS 18 represents a significant update to how financial statements are presented and disclosed globally. Adopting these new standards ensures Canadian insurers remain aligned with international accounting practices.

Four specific P&C returns, designated as PC1, PC2, PC3, and PCPROV, remain unchanged for the Q4 2026 filing period. Meanwhile, the PC4 return and its associated instructions will continue without modification through Q1 2027.

The players

Office of the Superintendent of Financial Institutions

This is the primary regulatory body responsible for overseeing banks, insurance companies, and private pension plans in Canada.

The details

Insurers must begin transitioning to the new IFRS 18 reporting versions based on their respective fiscal year ends. Those with a December fiscal year end start filing under the new requirements in Q1 2027, while those ending in October will follow suit during the Q1 2027-28 filing period.

October 22, 2026: OSFI issued the letter regarding P&C return maintenance.
Q4 2026: Insurers continue using current P&C regulatory return forms.
January 1, 2027: IFRS 18 becomes effective for annual reporting periods.
Q1 2027: December-year-end insurers begin filing IFRS 18 versions.
Q1 2027-28: October-year-end insurers begin filing IFRS 18 versions.

Market Dynamics

The adoption of IFRS 18 marks a major shift in financial reporting, replacing the previous IAS 1 framework to standardize disclosures internationally. This transition aligns Canadian insurers with global accounting norms and changes how entities report profit and loss.

While the reporting changes primarily impact internal accounting processes, investors should expect updated financial presentations as insurers move to IFRS 18. Stakeholders can access the latest guidance and instructions directly through official regulatory portals.

The takeaway

Insurers must ensure their internal systems are prepared to accommodate the upcoming shift to IFRS 18 based on their specific fiscal calendar. Planning for these technical updates now will help firms maintain compliance during the transition period.