Insurance Companies Act

Marginal note:Report of actuary

• 464.1 (1) The actuary of a company that has adjustable policyholders shall, annually and in writing, report to the directors on whether the changes that the company made in respect of its adjustable policies during the preceding 12 months are in accordance with the criteria established under paragraph 165(2)(e.2) and are fair to the adjustable policyholders.

• Marginal note:Generally accepted actuarial practice

  (1.1) The report of the actuary referred to in subsection (1) shall be prepared in accordance with generally accepted actuarial practice with such changes as may be determined by the Superintendent and any additional directions that may be made by the Superintendent.

• Marginal note:Information to policyholder

  (2) A company that made changes in respect of its adjustable policies during the preceding 12 months shall within the prescribed period send the prescribed information to the policyholder, if the adjustable policy was issued in Canada or if it confers voting rights.

• Marginal note:Information to policyholder — renewal

  (3) In the case of the renewal of an adjustable policy, the company shall within the prescribed period send the prescribed information to the policyholder.