The IMG enhances the Conduct of Insurance coverage Enterprise and Truthful Remedy of Prospects steerage (FTC Steerage) launched in 2018.
“The AMF reiterates that the gross sales apply of utilizing DSCs is opposite to FTC,” the Quebec regulator mentioned in its assertion. “Subsequently, the AMF is relying on insurers to cooperate in providing holders of contracts entered into earlier than June 1, 2023 another in order that they could keep away from such prices on quantities invested in such contracts after that date,” the regulator mentioned.
If it pushes by means of, Quebec’s regulation would prohibit insurers from charging purchasers within the province sure charges for withdrawing or transferring seg funds, or in the event that they change to a different buy possibility.
People who violate the regulation would pay $1,000 in administrative penalties, whereas company offenders could be charged $5,000.