PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Variable life insurance contracts, forms and information folders
110 (1) In this section, “variable insurance contract” means an annuity or life insurance contract for which the reserves or a part thereof vary in amount with the market value of a specified group of assets held in a separate and distinct fund and includes a provision in a life insurance contract under which policy dividends or policy proceeds may be retained for investment in such a fund. R.S.O. 1990, c. I.8, s. 110 (1). Prohibition (2) No insurer shall issue a variable insurance contract or offer to enter into a variable insurance contract that under this Act would be deemed to be made in Ontario until there has been filed with the Chief Executive Officer a specimen form of such variable insurance contract, an information folder pertaining thereto and such other material as may be required under the regulations and a receipt therefor has been obtained from the Chief Executive Officer. R.S.O. 1990, c. I.8, s. 110 (2); 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 110 (2) of the Act is amended by striking out “the regulations” and substituting “the Authority rules”. (See: 2021, c. 40, Sched. 14, s. 1 (1)) Form of contract (3) The forms of variable insurance contracts and information folders with respect thereto shall comply with the requirements of Part V of this Act and the regulations. R.S.O. 1990, c. I.8, s. 110 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 110 (3) of the Act is amended by striking out “the regulations” at the end and substituting “the Authority rules”. (See: 2021, c. 40, Sched. 14, s. 1 (2)) Form of information folder (4) The information folder shall provide brief and plain disclosure of all material facts relating to the variable insurance contract and shall contain a certificate to that effect signed by the chief executive officer and the chief financial officer of the insurer or such other persons as the regulations may prescribe. R.S.O. 1990, c. I.8, s. 110 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 110 (4) of the Act is amended by striking out “the regulations” and substituting “the Authority rules”. (See: 2021, c. 40, Sched. 14, s. 1 (3)) Delivery of information folder (5) No application for a variable insurance contract shall be accepted by an insurer until the insurer has delivered to the applicant therefore a copy of the latest information folder relating thereto that is on file with the Chief Executive Officer. R.S.O. 1990, c. I.8, s. 110 (5); 2018, c. 8, Sched. 13, s. 22. New information folders (6) So long as an insurer continues to issue a variable insurance contract in respect of which it has filed an information folder, it shall, (a)  forthwith after the occurrence of any material change in the contract or in any other facts set out in the latest information folder so filed; and (b)  within thirteen months after the date of filing of the latest information folder so filed, or such other period of time as may be provided by the regulations, Note: On a day to be named by proclamation of the Lieutenant Governor, clause 110 (6) (b) of the Act is amended by striking out “the regulations” at the end and substituting “the Authority rules”. (See: 2021, c. 40, Sched. 14, s. 1 (4)) file with the Chief Executive Officer a new information folder in respect thereof.  R.S.O. 1990, c. I.8, s. 110 (6); 2018, c. 8, Sched. 13, s. 22. Prohibition order (7) Where it appears to the Chief Executive Officer that, (a)  an information folder or any other document filed with the Chief Executive Officer by an insurer with respect to a variable insurance contract, (i)  fails to comply in any substantial respect with the requirements of this Act or the regulations, Note: On a day to be named by proclamation of the Lieutenant Governor, subclause 110 (7) (a) (i) is amended by striking out “or the regulations” at the end and substituting “the regulations, or the Authority rules”. (See: 2021, c. 40, Sched. 14, s. 1 (5)) (ii)  contains any promise, estimate, illustration or forecast that is misleading, false or deceptive, or (iii)  conceals or omits to state any material fact necessary in order to make any statement contained therein not misleading in the light of the circumstances in which it was made; or (b)  the financial condition of the insurer or its method of operation in connection with the issuance of its variable insurance contracts will not afford sufficient protection to prospective purchasers of such variable insurance contracts in Ontario, the Chief Executive Officer may prohibit the insurer from continuing to issue such variable insurance contracts in Ontario.  R.S.O. 1990, c. I.8, s. 110 (7); 1997, c. 28, s. 105 (1); 2018, c. 8, Sched. 13, s. 22. Appeal (7.1) The insurer may appeal the decision of the Chief Executive Officer under subsection (7) to the Tribunal.  1997, c. 28, s. 105 (2); 2018, c. 8, Sched. 13, s. 22. Regulations (8) The Lieutenant Governor in Council may make regulations, (a)  prescribing the form and content of variable insurance contracts; (b)  prescribing the form, content, time of filing and delivery of information folders and the persons to whom information folders shall be delivered; (c)  for the furnishing of information by an insurer or an agent thereof to prospective purchasers of variable insurance contracts; (d)  prescribing the documents, reports, statements, agreements and other information required to be filed, furnished or delivered under this section, and the form and content thereof.  R.S.O. 1990, c. I.8, s. 110 (8). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 110 (8) of the Act is repealed. (See: 2021, c. 40, Sched. 14, s. 1 (6)) Section Amendments with date in force (d/m/y) 1997, c. 28, s. 105 (1, 2) - 01/07/1998 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2021, c. 40, Sched. 14, s. 1 (1-6) - not in force