Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

19 (1) Subject to subsection (3), every life insurance company or life insurance broker or agent shall keep a client information record for every purchase from it of an immediate or deferred annuity or of a life insurance policy for which the client may pay $10,000 or more over the duration of the annuity or policy, irrespective of the means of payment.

(2) Subject to subsection (3), in the case of a life insurance policy that is a group life insurance policy or in the case of a group annuity, the client information record shall be kept in respect of the applicant for the policy or annuity.

(3) Subsections (1) and (2) do not apply to a purchase of

• (a) an exempt policy as defined in subsection 306(1) of the Income Tax Regulations, as it read on May 1, 1992; or

• (b) a group life insurance policy that does not provide for a cash surrender value or a savings component.