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ARTICLE · 01 JULY 2024

FSRA's Gearing Up For Change: Consultation On Total Cost Reporting For Segregated Funds

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On May 27, 2024, the Financial Services Regulatory Authority of Ontario (FSRA) launched a public consultation on its new proposed rules that will affect all insurers that offer customers individual...

CanadaFinance and Banking
AUM Law
AUM Law
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On May 27, 2024, the Financial Services Regulatory Authority of Ontario (FSRA) launched a public consultation on its new proposed rules that will affect all insurers that offer customers individual variable insurance contracts (also known as individual segregated funds contracts). The objective of this consultation is to obtain feedback from stakeholders, including customers, insurers and investors, as part of FSRA's ongoing commitment to transparency and protecting the interests of life insurance customers. FSRA invites stakeholders to review the proposed rule and provide feedback before July 26, 2024.

These proposed rules will make the expectations set out in the Individual Variable Insurance Contract Ongoing Disclosure Guidance published by the Canadian Council of Insurance Regulators and the Canadian Securities Administrators (CSA) in 2023 mandatory for Ontario segregated funds. Under the proposed rules, customers will get the first set of enhanced statements

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