The Office of the Superintendent of Financial Institutions (OSFI) has announced that the Canadian Deposit Offering Rate (CDOR) will no longer be available as of June 2024. The full announcement is available at OSFI’s expectations for CDOR Transition (osfi-bsif.gc.ca)

Following OSFI’s recommendation, any reference to the CDOR in the policy contracts** will be replaced by the Canadian Overnight Repo Rate Average (CORRA rate).  To ensure a seamless transition to the new reference rate, the effective date of the change from our side will be on or about April 22, 2024.

We will inform policyholders impacted by the change via their annual statement in the ‘Keeping you informed’ section. A notification will also be added to the Rates of Return and Price sections of ivari.ca.

This change does not impact our current universal life products as they do not reference the CDOR.

*WAV4, EAV4 and EAN4.
** Impacted sections in the policy contracts: i) Section: Interest Options; Sub-section: Floating Interest Option and ii) Section: Side Account; Sub-section: Interest