D-9.2, r. 18 - Regulation respecting information to be provided to consumers

Section 4.20 Disposition versions

2016-01-01

4.20. A client may cancel an individual variable insurance contract or a subscription made at the time the contract was entered into within 2 days starting from the earlier of the date the client received the confirmation or 5 days after the insurer mails the confirmation. The client may cancel any subsequent subscription relating to this contract under these same conditions.

Where a client seeks to exercise his cancellation right set out in the first paragraph, he must notify his insurer thereof in writing. The cancellation notice may be delivered by hand or sent by any means whereby proof of receipt may be established, such as registered mail as well as fax or e-mail.

A client who cancels his contract or a subscription made under that contract is entitled, for either transaction, to the lesser of the amount invested or the amount corresponding to the value of the fund units attributed to him, such value to be determined no later than on the valuation day following the day the insurer received the cancellation notice. The insurer is also required to restore to the client any amounts corresponding to the charges or fees collected at the time the contract was made or at the time of subscription, and may not collect any fees related to the exercise of the cancellation right.

M.O. 2010-18, s. 3; I.N. 2016-01-01 (NCCP).

2012-09-01

4.20. A client may cancel an individual variable insurance contract or a subscription made at the time the contract was entered into within 2 days starting from the earlier of the date the client received the confirmation or 5 days after the insurer mails the confirmation. The client may cancel any subsequent subscription relating to this contract under these same conditions.

Where a client seeks to exercise his cancellation right set out in the first paragraph, he must notify his insurer thereof in writing. The cancellation notice may be delivered by hand or sent by any means whereby proof of receipt may be established, such as registered or certified mail as well as fax or e-mail.

A client who cancels his contract or a subscription made under that contract is entitled, for either transaction, to the lesser of the amount invested or the amount corresponding to the value of the fund units attributed to him, such value to be determined no later than on the valuation day following the day the insurer received the cancellation notice. The insurer is also required to restore to the client any amounts corresponding to the charges or fees collected at the time the contract was made or at the time of subscription, and may not collect any fees related to the exercise of the cancellation right.

M.O. 2010-18, s. 3.