Mortgage Insurance Disclosure (Trust and Loan Companies, Retail Associations, Canadian Insurance Companies and Canadian Societies) Regulations

The Mortgage Insurance Disclosure Regulations are made under several federal statutes to provide requirements for institutions that offer residential mortgages and charge borrowers for mortgage insurance. The regulations apply to banks, authorized foreign banks, trust and loan companies, retail associations, Canadian insurance companies, and Canadian societies.

These regulations require institutions to disclose certain information about their mortgage insurance arrangements, including the amount of payments or benefits received from insurers, the percentages of payments or benefits, and the amounts expected to be paid to insurers. The institutions must also provide this information in a clear and simple manner, and make it available at various points of service and on their websites.

The regulations also require institutions that enter into arrangements with insurers to receive payments or benefits under an arrangement to disclose certain information about these arrangements, including the nature of the arrangements, payments or benefits received directly or indirectly by the institution from the insurer or its affiliates, and payments or benefits expected to be received by the institution from the insurer.

The regulations came into force on January 1, 2011.