BMO Insurance | New Life and Annuity Application Forms Available
At BMO Insurance, we are committed to improving our New Business process. Our insurance application and client information forms (AML) have been re-designed to streamline the form completion process.
Revisions have been made to the BMO Insurance Application for Life Insurance and Critical Illness Insurance 126E (2013/01/01) and the SPIA application 348E (2013/01/01). A new version is available for order by contacting your MGA.
Application for Life and Critical Illness Insurance 126E
Application for Single Premium Immediate Annuity 348E
Important Improvements to Application Forms
Application for Life Insurance and Critical Illness Forms 126E (2013/01/01)
- Reintroduction of Purpose of Insurance and Source of Payment in Section 10 – please complete on every application
- Page A1 instruction section on PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT has been updated to reflect a streamlined process that requires fewer AML forms
- Date format in “dd/mmm/yyyy” to avoid confusion
Application for Single Premium Immediate Annuities 348E (2013/01/01)
- Additional Owner Information (for Non-Registered Fund) has been removed from the application to simplify the application process for the majority of annuitants
- Revised Source of Payment Declaration with more options to choose from – please complete on every application for Non-registered funds ;
- New instructions on AML forms requirements on page 7
- Date format in “dd/mmm/yyyy” to avoid confusion
Simplified Client Information Forms – Anti-Money Laundering (AML)
The legislation together with BMO Insurance’s AML Client Due Diligence Requirements help detect and deter money laundering and the financing of terrorist activities. The objective includes implementation of client identification, record keeping, reporting and compliance regime requirements for life insurance companies and advisors.
Depending on the types of the insurance applied for, up to 2 client information AML forms may be required. Each form has an impact on the Underwriting Process, delays in submitting completed forms with the application can delay issuing coverage for your client.
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* Policy Owner Identification (576E) includes the following sections:
- Verification of Identity and Third Party Determination for policy owners of all types;
- Beneficial Ownership and Business Activity only for policy owners who are corporations or unincorporated entities; and
- Advisor certification
Policy Owner Identification (576E) replaces the following 3 forms:
- Verification of Identity and Third Party Determination Form (350);
- Business Activity Questionnaire (569); and
- Beneficial Ownership Questionnaire (424)
Less is more…One form does it all!
View Policy Owner Identification Form
View Politically Exposed Foreign Persons Questionnaire
The above forms are not required for SPIAs purchased with registered funds or for any term life, critical illness or whole life applications.
For more information regarding your duties and obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, go to the Financial Transactions Reports Analysis Centre (FINTRAC) website at http://www.fintrac.gc.ca and search under the ‘What you need to know’ section to view the requirements.
Transition Rules
- The new BMO Insurance Life and Annuity application forms and AML forms can be used immediately. They include:
- Application for Life Insurance and Critical Illness Insurance 126E (2013/01/01)
- Application for Single Premium Immediate Annuities 348E (2013/01/01)
- Policy Owner Identification – Proceeds of Crime (Money laundering) & Terrorist Financing (576E)
- Politically Exposed Foreign Persons Questionnaire (420E)
- All applications received in head office after June 1, 2013, must be submitted using the new application forms along with the improved AML forms.
- During the transition period, old application forms are still acceptable provided that previous versions of the AML forms are completed accordingly
- These new forms are available now:
- for download via the Wave Illustration software (under Forms and Questionnaires)
- on BMO Insurance Advisor Site (under Forms and Questionnaires)
- automatically printed out with the illustration from Wave 26 (scheduled for release on April 23)
Most importantly, watch out for the top 10 list of the most frequently missed questions on Life Application that we receive. Missed questions lead to delays in the new business and underwriting process.