Amendments to O. Reg. 132/97 of the Insurance Act, Variable Insurance Contracts
Regulation - LGIC
Bill or Act:
Summary of Decision:
The regulation makes the applicable version of the Canadian Life and Health Insurance Guideline G2 for Regulation 132/97, the March 4, 2014 version. The changes made by this version update the accounting standards to be used by life insurance companies for segregated funds accounting. The new accounting standards, which are the International Financial Reporting Standards (IFRS), apply starting with the financial year ending December 31, 2014.
The regulation also removes outdated transition provisions in Regulation 132/97.
Summary of Proposal:
Auto Insurance Policy/Insurance Policy Unit
Financial Services Policy Division
Ministry of Finance
Frost North - 4th Floor
95 Grosvenor Street
Toronto, ON M7A 1Z1
November 27, 2014