Minister of Finance approves FSRA’s Total Cost Reporting Rule

Ontario’s financial services regulator, FSRA, is taking steps to better protect and inform consumers who own individual variable insurance contracts (segregated fund contracts).

FSRA’s Board-approved Total Cost Reporting Rule was approved by the Minister of Finance on June 3, 2025.

Once effective, the rule will require insurers to provide consumers with enhanced annual statements that clearly disclose total costs and investment performance. 

These enhancements will allow consumers to more easily compare their segregated fund contracts with other investments supporting informed financial decisions. These requirements will also more closely align with those in the securities sector.

The rule will take effect once FSRA’s segregated funds rulemaking authority is proclaimed into force. FSRA will confirm the effective date in a follow-up announcement. 

Learn more

• Minister-approved Rule 2024 – 002 Total Cost Reporting
• Submission to the Minister
• Public consultation on the rule
• Consultation feedback summary
• Canadian Council of Insurance Regulators’ national guidance

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.