Life and Health Insurance
2017 Tax changes: Important information for the transition
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Please take note of the following information to ensure timely and efficient processing of your business during the transition period.
DECEMBER 15 DEADLINE
Life insurance files submitted before September 15, 2016, must be completed by December 15, 2016, in order to be guaranteed to be governed under the current tax rules or to maintain grandfathered rights. Otherwise, they risk being subject to the new tax rules in effect as of January 1, 2017 (a file is complete when there are no pending underwriting or issuing requirements and the policy can be issued).
NEW ILLUSTRATION SOFTWARE VERSION 6.0
The new version of the illustration software (version 6.0) including all 2017 tax changes will be released on December 20, 2016.
What’s new – Illustration software version 6.0 >
NEW INSURANCE APPLICATION AND POLICY CHANGE FORM
A new updated insurance application form as well as the policy change without evidence of insurability form will be available as of December 12, 2016.
Changes made to applications and forms >
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TRANSITION RULES FOR APPLICATIONS AND POLICY CHANGE FORMS The new documents will be available to order as of December 12, 2016, via our order form. Please destroy previous versions you may still have when you receive the new documents. Previous versions of applications and policy change forms will be accepted up until February 28, 2017.
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REMINDER: ADMINISTRATIVE RULES
Here are a few important administrative rules to ensure a smooth transition.
For more information on the 2017 tax changes, please visit our web page on this topic.
Please contact your SSQ representative for any questions or comments.