_______ include financial statements and notes, both on a consolidated and non consolidated basis.

The Annual Return is the comprehensive set of documents that a regulated financial institution, such as an insurance company, must file with its primary regulator (e.g., the Office of the Superintendent of Financial Institutions [OSFI] in Canada). This filing is the official record of the company's financial position and performance for the year. It fundamentally includes the complete audited financial statements (Balance Sheet, Income Statement, Statement of Changes in Equity, and Cash Flow Statement) and the accompanying notes, which are required on both a consolidated and, where applicable, a non-consolidated (solo legal entity) basis.

B. Provincial Adequacy Return: This is a specific return filed with a provincial regulator, which may not be as comprehensive as the primary federal Annual Return that contains the full financial statements.

C. Constraints of self assessment: This refers to the rules and limitations governing an internal process like an Own Risk and Solvency Assessment (ORSA), not a financial reporting document.

D. Static Capital Adequacy Test: This is a specific point-in-time calculation (e.g., MCT or LICAT) that uses data from the financial statements but is not the statements themselves.

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1. Office of the Superintendent of Financial Institutions (OSFI) Canada. (2023). Instructions for Completion of the P&C-1 Annual Return. Section: General Instructions

Page 1. The document states

"The Annual Return comprises the P&C-1 Core Financial Statements and Schedules... The financial statements in the Annual Return must be prepared in accordance with International Financial Reporting Standards (IFRS)..." It also details the requirements for consolidated reporting.

2. Office of the Superintendent of Financial Institutions (OSFI) Canada. (2023). Instructions for Completion of the LIFE-1 Annual Return. Section: General Instructions

Page 1. This guide for life insurers similarly specifies that the Annual Return includes the Core Financial Statements and notes

prepared in accordance with IFRS and outlining consolidation requirements.

3. Sweeting

P. (2017). Financial Enterprise Risk Management (2nd ed.). Cambridge University Press. Chapter 17

"Regulation of Financial Institutions

" discusses regulatory reporting frameworks

where the annual regulatory return is identified as the primary

detailed submission containing the official financial statements used for solvency and performance monitoring by regulators. (Specific reference to the comprehensive nature of annual returns in regulatory regimes). DOI: https://doi.org/10.1017/9781316888942