Regulatory Alerts2023-11-02
Regulation on Information for Holders of Individual Variable Insurance Contracts Relating to Segregated Funds
Issued under the Insurers Act, this regulation requires authorized insurers to provide clear annual statements to holders of individual variable insurance contracts relating to segregated funds. Due within four months of each fiscal year end, the statements must disclose fund expenses calculated via a specified formula, performance metrics, applicable fees and charges, and maturity or death benefit guarantees. Contraventions incur monetary administrative penalties of up to $1,000 per insurer, with the regulation taking full effect on January 1, 2026.
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