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A-32.1, r. 1.1 - Regulation respecting the prohibition on charging certain fees from holders of individual variable insurance contracts relating to segregated funds
Section 3
Disposition versions
3. A monetary administrative penalty of $1,000 in the case of a natural person or of $5,000 in any other case may be imposed on an authorized insurer that, in contravention of section 2, requires fees from the holder of the contract when the latter requests to have all or a portion of the invested amounts withdrawn or transferred to another segregated fund or requests a change in the fee option under the contract for the investing of such amounts.
In force: 2023-06-01
3. A monetary administrative penalty of $1,000 in the case of a natural person or of $5,000 in any other case may be imposed on an authorized insurer that, in contravention of section 2, requires fees from the holder of the contract when the latter requests to have all or a portion of the invested amounts withdrawn or transferred to another segregated fund or requests a change in the fee option under the contract for the investing of such amounts.
