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O. Reg. 238/10: Variable Insurance Contracts

filed June 16, 2010 under Insurance Act, R.S.O. 1990, c. I.8

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ontario regulation 238/10

made under the

insurance act

Made: June 15, 2010
Filed: June 16, 2010
Published on e-Laws: June 18, 2010
Printed in The Ontario Gazette: July 3, 2010

Amending O. Reg. 132/97

(Variable Insurance Contracts)

1. The definition of “CLHIA guidelines” in subsection 1 (1) of Ontario Regulation 132/97 is revoked and the following substituted:

“CLHIA guidelines” means Guideline G2 of the Canadian Life and Health Insurance Association entitled “Individual Variable Insurance Contracts Relating to Segregated Funds”, adopted by the CLHIA on March 4, 1997, as amended, as made available to the public on the website of the Financial Services Commission of Ontario at www.fsco.gov.on.ca.

2. The Regulation is amended by adding the following section before the heading “Filings with Superintendent”:

1.1 (1) The CLHIA guidelines as they read on June 30, 2006 apply with respect to any material that, under subsection 110 (2) of the Act, must be filed with the Superintendent before January 1, 2011.

(2) The CLHIA guidelines as they read on January 1, 2011 apply with respect to any material that, under subsection 110 (2) of the Act, must be filed with the Superintendent on or after January 1, 2011.

(3) Despite subsection (1), during the transitional period that begins on July 1, 2010 and ends on December 31, 2010, material may be filed that complies with the requirements of the CLHIA guidelines as amended on November 25, 2009 — instead of the requirements of the CLHIA guidelines as they read on June 30, 2006 — even though the amendments made on November 25, 2009 do not take effect until January 1, 2011.

(4) Material that complies with the CLHIA guidelines as permitted by subsection (3) is deemed to comply with the applicable requirements of this Regulation.

3. Section 4 of the Regulation is amended by adding the following subsections:

(2) Despite subsection (1), if an insurer has filed its latest information folder for a variable insurance contract before January 1, 2011, the insurer is required by clause 110 (6) (b) of the Act to file a new information folder no later than January 1, 2011.

(3) Subsection (2) does not apply if the insurer’s latest information folder is filed during the transitional period described in subsection 1.1 (3) and contains the material that complies with the CLHIA guidelines as permitted by that subsection.

4. This Regulation comes into force on the later of July 1, 2010 and the day it is filed.