OSFI reminds P&C insurers to document their B.C. and Quebec earthquake exposures

The Office of the Superintendent of Financial Institutions (OSFI) is reminding federally regulated property and casualty insurers that companies with earthquake exposure in British Columbia and Quebec are must file the Earthquake Exposure Data form with OSFI by Apr. 15, 2012.

Companies without earthquake exposure should submit a letter stating this fact.

“Due to the change in the Cresta Zone definitions from that used in the current version of the form, some companies may not be able to complete the Total Sum Insured portion of the form and thus, not be able to calculate the default PMLs [probable maximum losses],” an OSFI statement reads. “If this situation applies to your company, please indicate this in your filing and include a table showing the Total Sum Insured for each of the new Cresta Zones.”