Deadlines All items must be received in good order

Transcription

1 2017 EXEMPT TEST CHANGES INSURER DEADLINES New rules beginning January 1, 2017 affect the taxation of Canadian life insurance policies. Now that 2017 exempt test legislative changes have come into effect, deadlines have passed for submitting new business or policy changes, however there are still important upcoming deadlines related to the settlement of business for you to be aware of. Paperwork must be submitted at the local PPI Solutions office by 10:00 a.m. the day PRIOR to the deadline. Stay up-to-date on insurer announcements by visiting our Insurance Company Bulletins section on our advisor site. October 28, 2016 deadline for InstaTerm and InstaTerm Deferred products ASSUMPTION LIFE December 30, 2016 applications must be submitted and signed on the same day, for a maximum face amount of $500,000 and include TIA. The policy must be dated December 28th and the initial premium must correspond with the date of issue. The advisor must indicate to issue the policy in Applications must be received by December 30th no later than 12pm EST BMO November 1, 2016 applications and policy changes must be received at Head Office November 18, 2016 all requirements to finalize an underwriting decision must be received at Head Office December 16, 2016 new business with TIA can be underwritten and still approved under 2016 rules if the policy is delivered by March 31, 2017; settling requirements for conversions and SPIAs must be received December 28, 2016 applications must be received in good order, with a Wave 32.1 illustration and TIA, for up to $10M face amount December 29, 2016 settling requirements must be received for the year-end commission cut off March 31, 2017 the policy must be delivered to the owner and the delivery receipt must be signed August 1, 2016 quote requests for policy changes requiring underwriting must be received at Head Office September 1, 2016 new business and policy changes requiring underwriting must be received at Head Office CANADA LIFE (cont d on next page) October 1, 2016 quote requests for policy changes without underwriting must be received at Head Office November 1, 2016 applications must be received at Head Office November 1, 2016 policy changes and conversions without underwriting must be received at Head Office November 18, 2016 all requirements needed to finalize an underwriting decision must be received at Head Office Page 1 of 5

2 December 9, 2016 all forms and requirements for conversions, future insurability option elections, benefit/rider additions to inforce policies, including any premium payment, and all reinstatement requirements must be received at Head Office December 12, 2016 applications with the Conditional Insurance Agreement (CIA) must be signed by December 12 to put coverage in place in 2016 while allowing underwriting to continue into 2017 (must be received at Head Office by December 16) CANADA LIFE (cont d from previous page) December 16, 2016 financial underwriting requirements must be submitted and deadline for web applications December 17, 2016 policies without TIA/CIA must be approved by December 17 and printed on or before December 23 December 19, 2016 Updated software rollout with only 2017 products. Last day paper applications can be signed by the client for policies $1M and less with TIA (must be received by Dec 23rd in Head Office) December 23, 2016 conversions, switches (from T10 to T20), GIO, GIR and GIBR without underwriting received in good order and with the first premium can be received by December 23rd and still qualify for a 2016 product; clients must sign the Life17 Temporary Insurance Agreement for policies between $1M and $10M by December 20 and the Life17 TIA must be received at Canada Life head office by December 23 at noon EST December 28, 2016 delivery requirements for previously mailed policies must be received to settle cases for year end December 31, 2016 medical underwriting must be completed for policies with CIA, TIA and Life17 TIA March 31, 2017 the policy must be delivered to the applicant(s) and the acknowledgement of policy received (AOPR) is signed on or before March 31 DESJARDINS September 30, 2016 UL new business and coverage additions must be received at Head Office December 19, 2016 all proposals received will be entered in 2016 December 22, 2016 Policies without the Temporary Insurance Agreement must be issued and delivered to the client by this date December 31, 2016 the first premium and TIA must be in effect and given to the client for policies up to $1M March 31, 2017 the delivery of the life insurance contract must be completed EMPIRE LIFE October 14, 2016 applications must be received at Head Office; these policies must be issued before December 31 November 30, 2016 underwriting requirements must be received at Head Office; these plans must be issued before December 31 December 9, 2016 final settling requirements due for previously submitted/issued life and health applications December 30, 2016 the initial premium must be received at Head Office and the application must be approved by January 1, 2017 March 1, 2017 settling and delivery requirements must be completed Page 2 of 5

3 October 24, 2016 applications for current plans must be received at Head Office November 30, 2016 new premiums and values for Equimax and ACB and NCPI changes for term and Equimax EQUITABLE LIFE December 31, 2016 policies for $1M and less with TIA must be issued with an effective date of December 31st to qualify for 2016 tax rules; applications for Equimax participating WL between $1M and $10M must be submitted with the TIA to qualify under 2016 tax rules April 1, policies must be delivered to the applicant November 11, 2016 all applications must be received at Head Office FORESTERS FINANCIAL December 16, 2016 deadline for applications for Easylife December 28, 2016 settling requirements must be received in Head Office by 2pm EST for the 2016 commission cut-off October 14, 2016 all applications must be received at Head Office; transactions requiring medical underwriting will be issued on a new contract after October 14. The EquiBuild product is not impacted by the 2017 changes to the tax-exempt rules ia FINANCIAL GROUP December 9, 2016 deadline for inforce contract conversions, plan changes, and exercises of Guaranteed Insurability December 28, 2016 applications must be received in Head Office to obtain old rates, by 4pm EST for scanned copies and by 11:59pm EST for electronically transferred applications December 31, 2016 policies issued by December 31 will be under 2016 tax rules November 15, 2016 applications and policy changes must be received at Head Office December 5, 2016 deadline for WealthAdvantage, EstateAdvantage with accumulation bonus and EstateAdvantage low fees products IVARI December 30, 2016 all new business applications, conversions and replacements received in good order by 3pm EST will be processed and considered as written business in Settling requirements received in good order by 3pm EST will guarantee the case will be settled in 2016 December 31, 2016 policies must be issued by December 31 in order to obtain a contract governed under the current tax rules January 27, 2017 delivery requirements must be received for policies issued on or before December 31 Page 3 of 5

4 October 31, 2016 new business and policy changes with ALL underwriting requirements or final requirements November 21, 2016 Year-end commission cut off for new business applications with all underwriting requirements and complex policy changes MANULIFE November 25, 2016 Deadline to submit applications for current UL Products to Head Office before premium and commission changes December 2, 2016 Year-end commission cut off for commissionable inforce policy requests not requiring underwriting December 12, 2016 Year-end commission cut off for last settling requirements for issued cases March 31, 2017 the policy must be delivered to the applicant October 31, 2016 policy changes and conversions with all underwriting requirements must be received at Head Office December 1, 2016 conversions without underwriting must be received at Head Office December 9, 2016 Year-end commission cut off for life, disability and critical illness applications with all underwriting requirements RBC INSURANCE December 14, 2016 Year-end commission cut off to receive settling documents with changes for Life, disability and critical illness policies December 16, 2016 Year-end commission cut off for Fundamental Injury Only applications December 23, 2016 Year-end commission cut off for Life, disability and critical illness policies December 31, 2016 policy changes must be approved and settling requirements for conversions must be received September 15, 2016 applications for multi-life UL must be received SSQ September 15, 2016 applications or policy change forms must be received for additions of coverage/insureds, conversions, exchanges, change of death benefit option/cost of insurance type that requires proof of insurability December 15, 2016 If the file is complete by this date it will be governed under current tax rules March 31, 2017 the policy must be delivered Page 4 of 5

5 October 21, 2016 new business, policy changes, and conversions requiring underwriting must be received November 1, 2016 policy changes and conversions without underwriting must be received December 2, 2016 final issue instructions required at Head Office for new business and conversions with underwriting December 9, 2016 new applications between $1M and $10M with TIC must be submitted December 16, 2016 financial underwriting requirements must be submitted for cases between $1M to $10M with TIC SUN LIFE December 28, 2016 policies without a Temporary Insurance Certificate (TIC) and plan changes/conversions with underwriting must be issued by December 28 December 31, 2016 new business up to $1M with TIC and Conversions without underwriting must be submitted January 20, 2017 deadline to switch from the old product to the new products by submitting the correct change form and a new illustration March 24, 2017 if a 2016 application was not approved by the end of 2016, you can change to a new 2017 product within 90 days of the original application signed date, or by March 24, 2017 at 6:00 p.m. ET, whichever comes first simply submit the form for Changing investment options or changing plan type to SunUniversalLife II or Sun Par plan II on pending application and a new illustration; policy delivery requirements must be at Sun Life within 90 days of the application date or by March 24, whichever is earlier *PPI Solutions makes every effort to keep reference information up-to-date. In the case of a difference between information in this document and that of the insurance carrier website, the insurance carrier website shall prevail. Page 5 of 5