Verifying the identity of your clients, whether you meet with them in person or remotely, is essential for complying with anti-money laundering regulations.
A change of policyowner request, like an insurance request, requires verification of the identity of the person with whom we have a business relationship.
To meet this requirement and to make sure you collect all the required information about the new policyowner, we've updated the
Request for change of policyowner form – 09614A. This will also help you get to know them better. We've also made certain sections simpler and more intuitive to make your job easier.
Please start using the new version of the form immediately.
The previous versions will no longer be accepted as of October 28, 2023..
New sections have been added to record which documents were used to confirm the new policyowner's identity. Please pay special attention to the following sections in particular:
- A6 – Verification of policyowner’s identity by representative (Policyowner – Individual)
- A7 – Verification of authorized signatory’s identity by representative (Policyowner – Corporation, trust or other entity)
- F – Representative information and declaration: This section must be completed when a change in policyowner is requested
You must use the dual-process identity verification method if you meet remotely with a new policyowner for a product subject to the regulations (products offering cash surrender values or a savings component) or if you meet with a policyowner in person but they don't have a recognized piece of photo ID with them.
When the new policyowner is a corporation
Don't forget to fill out the
Identity verification supplementary form – 08295E and attach it to the request.
Changes to our business processes
If anyone contacts our Client Relations Centre to request a change of policyowner, we'll send an email to let you know so that you can assist them.