Proposed Regulations Related to Parts V and VII of the Insurance Act
Bill or Act:
Summary of Proposal:
Part V and VII amendments to the Insurance Act were passed in 2012, 2013 and 2014 and are awaiting a proclamation date and regulations. Stakeholder response is sought on a date for proclamation and on proposed regulations. Regulations are proposed to distinguish between which Part V and VI I amendments are to apply to all Part V (life) and Part VII (accident and sickness) insurance policies, including those issued prior to the proclamation date, and which apply solely on a forward-looking basis to policies issued on or after proclamation.
Regulations are also proposed in regard to a new right under both Parts V and VII of a group insured person or a claimant to receive a copy of the group insurance policy. The Part V and VII amendments provide that the personal information of individuals other than the person receiving a copy of the policy is to be kept confidential. The amendments also allow other information as specified in a regulation to be kept confidential. Two regulations are proposed, one for group life insurance policies and one for group accident and sickness insurance policies to require commercial information and also benefits plan information related to other groups be kept confidential.
April 2, 2015
Comments Due Date:
May 19, 2015
Insurance Policy Branch, Ministry of Finance
Frost Building North, 4th Floor
95 Grosvenor Street
Toronto, Ontario M7A1Z1