LIRD - Delayed Completion When making an informed decision to replace an insurance policy that is presently in force, the consumer must be fully advised of all of the advantages and disadvantages of prior to making this decision. This fundamental right is well established in the Insurance Act of Manitoba and the Life and Accident & Sickness Insurance Agents Code of Conduct through the completion of the Life Insurance Replacement Declaration and written comparative analysis. However, there will be occasions when there is a valid expectation that the replacement policy being applied for may be rated, declined or modified. A process and document has been developed by the Life Insurance Council of Manitoba to allow a delay in the completion of the LIRD and written comparative analysis until such time as a decision by an insurer has been received, and relevant information is available for comparative purposes. The proposed document and process: Advises the consumer of the requirements to protect his right to be fully advised of the differences between the existing policy and replacing policy before making the final decision. Reminds the consumer not to cancel the existing policy until the replacement policy is in force and has been accepted. Allows the agent to discuss the change in light of full knowledge and not on presumptions when all the information is available. FORM - Delay Acknowledgement for Life Insurance Replacement Declaration (LIRD) and Written Comparative Anaylsis Should you have any comments about the proposed process for a delayed LIRD and comparative analysis, please provide your comments to the Insurance Council of Manitoba in writing for consideration prior to January 30, 2010. Please direct your comments to contactus@icm.mb.ca and reference LIRD - Delayed Completion.