The Insurance Division of the Financial and Consumer Services Commission of New Brunswick urges insurance licensees to comply with the Segregated Funds Guidance (Guidance) published by the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) in November 2025.
The Guidance sets out expectations for insurers and intermediaries relating to the design, sale and servicing of individual variable insurance contracts (IVICs). It is the result of many years of collaboration among insurance regulators across Canada and helps address gaps in conduct standards for the sale and servicing of IVICs.
An IVIC is a life insurance contract between an insured person and an insurer that permits investment in segregated funds. It is similar to a mutual fund but differs in that the insurance components of the contract provide certain protections. These protections include guarantees that protect against specified investment risk upon the death of the insured person or at contract maturity.
The Commission expects insurance licensees (insurers and intermediaries) to adopt the Guidance and to implement measures to ensure compliance. These expectations apply to licensee conduct throughout the product lifecycle, including product design, sales and advice, ongoing servicing, and the handling of claims and contract maturity.
For any questions on the Guidance, contact the Commission’s Insurance Division at 866-933-2222 or by email at info@fcnb.ca.