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Stock impact report

Canadian insurance regulators unveil unified guidance for segregated fund contracts [Wealth Professional (Canada)]

Financial Institutions, Inc. (FISI) 
Last financial institutions, inc. earnings: 4/30 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: snl.com/irw/corporateprofile/1016825
In a move intended to bolster consumer protection and bring greater consistency to the industry, the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have released a consolidated set of expectations for individual variable insurance contracts (IVICs). The new “ Segregated Funds Guidance” outlines how insurers and intermediaries should design, distribute, and service these products. “This is an important milestone that demonstrates our collective commitment to protect consumers and ensure they are treated fairly,” said Patrick Déry, Chair of CCIR and Superintendent, Financial Institutions at the Autorité des marchés financiers (AMF). IVICs, insurance contracts that allow investment in segregated funds while offering guarantees at death or maturity, have long occupied a unique space in the market. Regulators say this nationwide guidance closes longstanding gaps by clarifying conduct standards across all provinces Show less Read more
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