TORONTO (September 11, 2001) - In light of the events in the United States and the closing of financial markets in North America it may be difficult to establish a fair market value for Individual Variable Insurance Contracts (IVICs), also known as Segregated Funds.
The Financial Services Commission of Ontario (FSCO) is reminding companies that many IVIC contracts allow for the temporary suspension of sales, redemption and trading in these products.
Due to the effect of today's events on the financial markets, it would be difficult to establish a fair market value for these products. FSCO is therefore requesting that companies consider today's events before trading in these products to ensure that consumers interests are protected.
Normal trading activities should resume when North American markets re-open.
For more information, please contact:
Brian Donlevy, Information Officer