The Financial Services Regulatory Authority of Ontario announced that the Ontario Minister of Finance has approved its Board-approved Total Cost Reporting Rule for individual variable insurance contracts, also known as segregated fund contracts. Once in force, the rule will require insurers to provide enhanced annual statements that clearly disclose total costs and investment performance. The enhanced disclosures are intended to make it easier for consumers to compare segregated fund contracts with other investments and more closely align segregated fund reporting with requirements in the securities sector. The Minister’s approval was granted on June 3, 2025. The rule will take effect once FSRA’s segregated funds rulemaking authority is proclaimed into force, and FSRA said it will confirm the effective date in a follow-up announcement.
Financial Services Regulatory Authority of Ontario 2025-06-09
Financial Services Regulatory Authority of Ontario’s Total Cost Reporting Rule for segregated fund contracts approved by the Ontario Minister of Finance
The Financial Services Regulatory Authority of Ontario announced the approval of its Total Cost Reporting Rule for individual variable insurance contracts by the Ontario Minister of Finance. The rule mandates insurers to provide enhanced annual statements disclosing total costs and investment performance, aligning segregated fund reporting with securities standards. The effective date will be confirmed once FSRA's rulemaking authority is proclaimed into force.