Consultation seeks feedback on framework for variable life benefits
CAPSA replaces 2004 guideline, consolidates risk management guidance
Similar laws have already been introduced in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Ontario and Nova Scotia, along with the federal government
The guidance aims to provide firms with the regulator’s views on the basic design requirements for these retirement products
The agreement delegates responsibility for licensing, registering and supervising certain PRPPs to OSFI
The association encourages remaining provinces to quickly move to make PRPPs available to their citizens
Regulator revises FAQs
OSFI will be responsible for licensing, registration and supervision
In its Ontario budget submission, the industry group urges the government to adopt regulations to allow for the implementation of PRPPs
The amendments allow money from PRPPs to flow into other retirement savings plans