Regulatory Alerts2023-11-02
Regulation respecting information to be provided to holders of individual variable insurance contracts relating to segregated funds
The Autorité des marchés financiers (AMF) has issued a draft regulation requiring authorized Québec insurers to provide annual statements to holders of individual variable insurance contracts relating to segregated funds. These statements must disclose all applicable fees, charges, returns, and guarantees to improve consumer understanding and facilitate informed decisions with insurance representatives. The AMF may impose monetary administrative penalties for non-compliance, and the regulation is expected to come into force on January 1, 2026.
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