PAC payor changes

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.

  1. The name of the payor changes (e.g. marriage). In this case submit form E85 - Name change or correction.
  2. 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.