06 Jun Need to Know: Insurance – May 2017
It’s time for another edition of our “Need to Know” series, where we rotate between our focus areas of Insurance and Employee Benefits. This month, our focus is on Individual Insurance:
- Bill S-201, also known as the Genetic Non-Discrimination Act (GDNA), was passed into law on May 4. Here’s our brief explainer of the new legislation.
- Because the new law prevents insurers from asking applicants to undergo genetic testing or disclose genetic test results, the industry may respond by issuing shorter terms and raising premiums. (via Advisor.ca)
- Sun Life Financial also provided guidance to advisors on how to handle client information now that the new law is in place. (via Insurance Journal)
- Although the GNDA is now in force, the law is also currently being challenged as it is deemed unconstitutional by the federal government and the insurance industry, which could result in a lengthy legal process. (via Motherboard)
Need to know more about how the anti-genetic discrimination bill could affect your future insurance policies? Contact us today at firstname.lastname@example.org. Have any resources on Bill S-201 that you would like to share with us? Tweet them to us @vital_partners.