Effective immediately, the Statement of Continued Insurability (SOCI) form is no longer required if the insured is out-of-country at the time of policy delivery. Instead, the insured can complete their review and signature process electronically. They’d first review the electronic copy of the policy and then electronically sign the Policy Delivery Receipt (PDR).
The requirements for the policy owner remain unchanged.
Please find a summary of the previous process and new process below:
Scenario |
Previous process |
New process |
|---|---|---|
Insured is out-of-country at policy delivery. |
The insured completes the SOCI form prior to issue. This must form part of the policy. The PDR isn't signed by the insured at time of delivery. |
The SOCI form is no longer required. Instead, the insured can electronically sign the PDR while out-of-country. This would be after reviewing the electronic copy of the policy. |
Questions?
Please contact the Advisor Experience Team.
