The PAC payor is the account holder of the bank account funding the specific PAC arrangement. The payor may be different from the policy owner.
There are two situations where a payor name may change on existing PAC arrangements for life, long term care, critical illness insurance, and accumulation annuity policies.
- The name of the payor changes (e.g. marriage). In this case submit form E85 - Name change or correction.
- Another payor is taking over the payments. In this case submit form E75 - Pre-authorized chequing (PAC) authorization .
If the client has multiple PAC arrangements, complete a separate request for each PAC arrangement.
When requesting a PAC payor change, keep the following in mind:
- A minimum of 5 business days notice is needed to process the change.
- If a returned payment fee is owing, the PAC payor cannot be changed until the fee is paid.
