Update to The Wave (version 32.1)
Submitted by Anar on April 11, 2016 - 9:35pm
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| | | | | The Wave v32.1 takes effect April 1, 2016 |
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| | | Please note that a new version of The Wave software is available for download immediately.
Provincial Premium Tax Rates in Alberta change effective April 1, 2016
In its October 2015 Budget, Alberta announced an increase in the premium tax levied on life insurance policies in the province of Alberta. This premium tax is assessed on any deposit made into the tax-deferred accounts of universal life policies. As a result of this change, the total premium tax rate on Alberta policies has increased from 2% to 3%. - The Provincial Premium Tax rate is part of the calculation of Minimum Premium on Universal Life Plans; therefore a change to the software calculation has been made on illustrations for Alberta residents.
- For UL policies being settled after March 31, 2016, a Wave 32.1 illustration will be required.
Other changes - Updates to AML administrative forms on UL plans for all provinces
- Other minor Software enhancements
IMPORTANT: No CDs will be mailed out. An electronic download of
The Wave v32.1 is now available.
MB 408 (2016/04/01)
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| | To find out more about BMO Insurance products, please call your MGA or contact the BMO Insurance regional sales office in your area or visit www.bmoinsurance.com/advisor. | | | | Information contained in this document is for illustrative purposes and is subject to change without notice. | |
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