Regulatory Alerts2024-07-11
Regulation Respecting Information to Be Provided to Holders of Individual Variable Insurance Contracts Relating to Segregated Funds
The regulator promulgated this Regulation to require insurers to deliver clear, comprehensive annual statements to holders of individual variable insurance contracts relating to segregated funds. The mandate specifies that these statements must be provided within four months of each fiscal year end and detail contract information, performance metrics, fund-specific data, and all applicable fees and charges. Non-compliant insurers face monetary administrative penalties of up to $1,000, and the Regulation takes effect on January 1, 2026.
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