Regulators get tough on seg-fund disclosure

Position paper calls for transparency on the costs of advice, insurance and investment management.

Rudy Luukko 18 December, 2017 | 6:00PM

Regulators that oversee segregated-fund insurance contracts aren't satisfied with being weak on disclosure. They're taking steps to implement new transparency regulations for seg funds, some of which would be tougher than those that now apply to mutual funds.

Details of new requirements concerning what life insurance companies would need to disclose to holders of seg funds are contained in a position paper released on Dec. 13 by the Canadian Council of Insurance Regulators (CCIR).

Early in the new year, CCIR intends to publish a prototype disclosure document for seg funds, which it will test in consumer-focus groups before consulting with industry stakeholders.

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About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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