Total Cost Reporting Rule

Sector: Life & Health Insurance

Current Rule: FSRA submitted the Board-approved Rule 2024-002 – Total Cost Reporting (TCR Rule) to the Minister of Finance for approval on April 4, 2025.

The rule aims to better protect and inform life insurance customers with individual variable insurance contracts (segregated fund contracts).

If approved, this rule would require insurers to provide customers with enhanced annual statements that clearly disclose total costs and investment performance.

These enhancements would allow customers to more easily compare their segregated fund contracts with other investments supporting informed financial decisions. These requirements would also 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.