Sector: Life & Health Insurance
Current Rule: The Minister of Finance approved FSRA’s Board-approved Rule 2024-002 – Total Cost Reporting (TCR Rule) on June 3, 2025. The rule took effect on January 1, 2026.
The rule will strengthen consumer protection and improve transparency for people who own individual variable insurance contracts (segregated fund contracts). It 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 closely align with those in the securities sector.
History of the TCR Rule
The following is a timeline of the TCR Rule with related documents published as per legislative requirements under the FSRA Act.