Changing ownership of your pending policy after submission: What you need to know

In an ideal world, the owner of the policy remains unchanged, from submission to settlement. However, we realize that sometimes, ownership change requests may come in from the Client during the underwriting process.

Here are some different scenarios you may find yourself in and how to manage each one. You’ll notice that the process often comes down to who signed the original application.

Scenario (during underwriting) What you need to do
The Client asks to change ownership to a sole proprietorship. They are the sole signing officer of the company and have signed the original application.
  • Submit a request to change ownership through Suncentral. Make sure to include the new owner’s full name and address.
  • Submit a new anti-money laundering (AML) form through Suncentral. If a corporation, this would include 4831, 4545, 5091 and supporting corporate documents (if applicable) that list shareholders by name.

You don’t need to submit a new application. However, the new policy owner must sign the amendment when the policy is delivered.
The Client asks to change ownership to a corporation with more than one individual involved (signing officer, director, shareholder, etc.). The signing officer has signed the original application as the owner. Same as above.
The Client asks to change ownership to a corporation. The signing officer has NOT signed the original application as the owner.
  • Submit a new application with the new owner included; or
  • Submit an E82 form after settlement to transfer ownership.

Please note that applicable AML will be required for new ownership. 
The Client asks to change ownership to an individual who has NOT signed the application. Same as above.

Questions?

Contact the Advisor Experience Team.