Responsibilities | Insurance
Annual Filing

Annual Filing Requirements for Extraprovincial Insurance Companies And Fraternal Societies

Every insurance company and Fraternal Society incorporated or continued in a jurisdiction other than British Columbia, ("extraprovincial insurance company"), that held a business authorization for this Province at the end of its latest fiscal year is required to file year end information with this office and pay an annual fee.

Filings Required

Filing Deadlines

Annual Fee

Annual Fee Schedule

• Filings Required in British Columbia for Life and P&C Companies and Fraternals

Please note that in addition to filing with our organization, the British Columbia Financial Institutions Act requires all extraprovincially authorized companies to be registered with the Corporate Registry office. Details regarding the filings required by the Corporate Registry can be found at www.fin.gov.bc.ca/registries/corppg/crxpro.htm. Failure to comply with the filing requirements of the Corporate Registry may result in the cancellation of your extraprovincial registration with that office .

• Unless otherwise noted the filing deadline is 90 days after the latest fiscal year end.
  
  
• For Reinsurance Companies the deadline is 105 days after the latest fiscal year end.



• For Canadian Branches of foreign based insurers, including Canadian branches of reinsurance companies, the filing deadline for the Canadian audited financial statements and auditors report for those statements has been extended to May 31.

If any further extensions are required please fax 604 953-5301 or email your request to FICOM@ficombc.ca.

Annual Fee Schedule
For Extraprovincial Insurance Companies

Schedule 1, Item 11.1 of the Financial Institutions Fees Regulation ("Fees Regulation"), requires every extraprovincial insurance company and extraprovincial fraternal society authorized to conduct insurance business in the province of British Columbia to pay the Financial Institutions Commission ("FICOM") an annual fee.

This annual fee is calculated by applying the table outlined in Item 11.1 of the Fees Regulation, summarized below, to the company's total non-consolidated assets as at the company's fiscal year end.

Method:

1. Take the non-consolidated assets from the annual return as per the listed Asset Reference.
   
   

   Annual Return		Appropriate Asset Page Reference	Appropriate Asset Line and Column Reference
   P&C-1 or P&C-2		page 20.10	line 89, column 1
   LIFE-1		page 70.010	line 899, column 1
   LIFE-2		page 20.010	line 899, column 1
   OSFI-56		page 30.010	line 89, column 3
   OSFI-77		page 83.010	line 89, column 1

   
   
2. Apply the amount of non-consolidated assets to the fee schedule below.
   
   

   Fiscal year end total  non-consolidated assets		Annual Fee Amount
   $5 million or less		$1,500
   greater than $5 million to $50 million		$2,750
   greater than $50 Million to $100 million		$3,750
   greater than $100 million to $500 million		$4,750
   greater than $500 million to $1billion		$5,750
   greater than $1 billion to $5 billion		$7,750
   greater than $5 billion		$9,750 plus  $1000 per each
   		$1billion over $5 billion

   
   
3. Remit fee(s) with the annual filing by way of cheque made payable to the Minister of Finance. (Under Section 17 of the Financial Administration Act and B.C. Regulation #214/83, interest may be charged on overdue amounts at a rate prescribed by the Treasury Board.)