On July 1, 2012, insurance carriers began accepting beneficiary designations for Critical Illness and Disability insurance in British Columbia.
In October 2009, amendments to the Insurance Amendment Act were passed by the Legislative Assembly of B.C. – this amendment is Bill 6. The purpose of Bill 6 was to provide further protection for consumers.
This changes affects both individual and group health policies.
For further details on these changes, please visit the B.C. Ministry of Finance.
What’s Changed?
Although there were several amendments in Bill 6, the changes of particular importance to our group benefit clients and their employees is that employees can now designate a beneficiary for Critical Illness and Disability insurance benefits.
What does this mean to you?
- Your insurance carrier will provide employers (policy owners) with revised contract wording, likely in the form of an update.
- You do not need to take any further action. This is for information purposes only.
If you have any questions, please contact ENCOMPASS Benefits.
Source: Advocis
