Regulatory Alerts2025-01-23
Regulation Respecting Information to Be Provided to Holders of Individual Variable Insurance Contracts Relating to Segregated Funds
The Quebec Minister of Finance approved a regulation requiring authorized insurers to provide annual statements to holders of individual variable insurance contracts relating to segregated funds. These statements must be delivered within four months of each fiscal year end and detail general contract information, performance metrics, applicable fees and charges, fund-specific data, and maturity or death benefit guarantees according to a prescribed schedule. Insurers face monetary administrative penalties of up to $1,000 for non-compliance or inaccurate reporting, and the regulation takes effect on January 1, 2026.
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