Line4

In forceProperty and casualty insurers: capitalLast checked 11 November 2026

P&C insurer capital test, MCT/BAAT (PC4)

A regulatory return listed by the Office of the Superintendent of Financial Institutions (OSFI), Canada.

Every federally regulated insurer except mortgage insurers completes this return each quarter: the Minimum Capital Test (MCT) for Canadian companies or the Branch Adequacy of Assets Test (BAAT) for foreign branches. It lets regulators monitor the adequacy of capital or margin in Canada and some compliance requirements. Source

Official title: Minimum Capital Test (MCT)/Branch Adequacy of Assets Test (BAAT) Quarterly (PC4)

The facts

Who files
OSFI's reporting requirements tables list it for: Canadian property and casualty insurers; foreign property and casualty insurers. Source
How often
Quarterly, plus an annual filing at year end. Source
Deadline
Quarterly filing: within 45 days. Annual filing: within 60 days. Subject to the Late and Erroneous Filing Penalties (LEFP) framework. Source
Format
XML, Excel. OSFI's federal filing requirements table (Section V) marks this filing as: XML file: Yes; special Excel file (OSFI974): Yes. Source
How it is filed
Filing routes recorded for the OSFI: Regulatory Reporting System (RRS); Regulatory Data Hub (RDH). See how firms file with the OSFI.
Status
In forceFiled in the Regulatory Reporting System (RRS). OSFI's Data Collection Modernization initiative will replace RRS with a new platform, the Regulatory Data Hub (RDH); OSFI says the launch is now targeted for spring 2027 and asks filers to keep using RRS until then. Financial filing for insurers moves to RDH in Release 3; OSFI says more details on financial returns will come in 2027. Source
Group
Property and casualty insurers: capital

Templates (16)

The tables and forms inside the return. Plain name first, the OSFI's code in brackets.

  • MCT (BAAT) Ratio - Summary Calculations (10.00)
  • BAAT: Net Assets Available (30.00)
  • MCT: Capital Available (20.00)
  • MCT (BAAT) Insurance Risk: Capital (Margin) Required for Liabilities for Incurred Claims (40.00)
  • MCT (BAAT) Insurance Risk: Capital (Margin) Required for Unexpired Coverage (40.05)
  • MCT: Reinsurance Contracts Held Summary - Unregistered Reinsurance (40.11)
  • BAAT: Reinsurance Contracts Held Summary - Unregistered Reinsurance (40.21)
  • MCT (BAAT) Insurance Risk: Capital (Margin) Required for Accident and Sickness Business (40.40)
  • MCT (BAAT) Market Risk: Capital (Margin) Requirements (50.00)
  • MCT (BAAT) Credit Risk: Capital (Margin) Required for Balance Sheet (Vested) Assets Based on External Credit Ratings (60.00)
  • MCT Credit Risk: Capital (Margin) Required for Balance Sheet (Vested) Assets Based on External Credit Ratings (Quebec*) (60.05)
  • MCT Credit Risk: Capital Required for Selected Balance Sheet Items and Recoverables/Receivables (60.20)
  • BAAT Credit Risk: Margin Required for Selected Balance Sheet Items and Recoverables/Receivables (60.30)
  • MCT (BAAT) Credit Risk: Capital (Margin) Required for Off-Balance Sheet Exposures (60.40)
  • MCT (BAAT) Credit Risk: Capital (Margin) Required for Collateral Held for Unregistered Reinsurance Exposures (60.50)
  • MCT (BAAT) Operational Risk: Capital (Margin) Required (70.00)

Schedules (worksheets) in pc4-mct-tcm-return-releve-2026-en.xlsx, named from the workbook's table of contents or schedule titles. Source

Validation rules

464 rules, as counted from the OSFI's published material. Software can run them exactly as published. Source

How they are written: Excel workbook, one row per rule (Rule ID, Rule Type, Description and a Formula or Expression column in OSFI's RRS rule syntax, for example EqualWithinThreshold([P100000101],[P200025001],1,0)).

The rules, on osfi-bsif.gc.ca

How they were counted

Counted 464 rows with a rule in the 'Validation rules' sheet of pc4-validation-11-2025-en.xlsx.

Counts are in the OSFI's own unit, so they are not comparable with other regulators' counts.

Public data

Published firm by firm. OSFI publishes data from this return institution by institution, with industry totals, as CSV files on the Government of Canada open data portal: "PC4 - P&C Minimum Capital Test and Branch Adequacy of Assets Test (Active)" in the Property and casualty companies dataset. Source

Where it is published (CSV)

  • OSFI financial data: Property and casualty companies (open.canada.ca)

    Firm by firm · CSV (long format: one row per institution, period and data point address, with English and French labels)

    Institution-by-institution data, with industry totals, from OSFI's returns for property and casualty companies, one CSV file per return: MI -Mortgage Insurance Capital Adequacy Test (Active); MI3 - Mortgage Insurers Core Financial Statement Return (Active); MI4 - Mortgage Insurers Supervisory Quarterly Return (Active); MI5 - Mortgage Insurers Supervisory Annual Return (Active); PC1 - P&C Core Financial Statement Return (Active); PC2 - P&C Supervisory Quarterly Return (Active); PC3 - P&C Supervisory Annual Return (Active); PC4 - P&C Minimum Capital Test and Branch Adequacy of Assets Test (Active). The dataset is updated quarterly (last updated on the portal 2026-10-21) and also holds 6 CSV files for returns OSFI no longer collects, a data dictionary and a user manual. The dataset page gives 2026 publication dates: monthly returns on or about the 15th of each month; quarterly returns about a week after the due date (Q1 due May 15, published May 23; Q2 due Aug 14, published Aug 22; Q3 due Nov 14, published Nov 22; Q4 due March 1, published March 19). Source

Official documents (7)

The OSFI's own files, with the size and SHA-256 fingerprint of each as downloaded on 11 November 2026, so anyone can tell whether a copy is the same version.

Sources

Every page and document this return's facts were read from.

Knowing exactly what is collected, in what format and under which rules is the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.

Line4's text and records here are free to reuse under CC BY 4.0. Please credit: “Source: Line4 regulatory submissions library (CC BY 4.0), https://www.line4.ai”. The regulators' documents, forms, taxonomies, rules and data belong to them: see OSFI's reuse terms. This describes what regulators publish. It is not legal or regulatory advice: always rely on the regulator's own text.

Last checked 11 November 2026.