Regulatory Alerts2024-07-11
Notice of Second Consultation: Regulation Respecting Information for Holders of Individual Variable Insurance Contracts Relating to Segregated Funds
The Autorité des marchés financiers (AMF) has published a second consultation on a draft regulation requiring Québec-authorized insurers to provide individual variable insurance contract holders with an annual statement containing specific performance and transaction data. The amended draft introduces targeted exceptions to this disclosure requirement, allowing insurers with optimized administration systems or recent mergers to report data from the transfer date rather than the original issue date, and permitting new tax vehicle registrations to reset the contract start date. Subject to ministerial approval and potential administrative penalties for non-compliance, the regulation is expected to take effect on January 1, 2026.
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