In March 2018, the Canadian Institute of Actuaries (CIA) published an educational note on the Life Insurance Capital Adequacy Test (LICAT) Guideline issued by the Office of the Superintendent of Financial Institutions (OSFI) and the Capital Adequacy Requirements for Life and Health Insurance (CARLI) Guideline issued by the Autorité des marchés financiers (AMF). This educational note has been updated to reflect the changes to these guidelines effective January 1, 2023, most notably to incorporate IFRS 17 concepts and terminology. The guidance in this educational note applies to LICAT and CARLI returns filed after the date of this memorandum. The previous version of this educational note will be archived.
