Replacement of Life Insurance Policies - Life Insurance Replacement Declaration Effective June 1, 2009 the Life Insurance Council of Manitoba has replaced the Basic Disclosure Statement (BDS) with the Life Insurance Replacement Declaration (LIRD). The LIRD outlines a number of essential elements that the consumer must be aware of and receive answers to prior to considering the replacement of an existing life insurance policy or rider, and will ensure that the consumer receives full disclosure of all the relevant details required to make an informed decision. A written comparative analysis of the advantages and disadvantages of replacing the life insurance policy must be completed with the LIRD and copies of the documents provided to the client. In Manitoba, a copy of the LIRD must be sent to the new insurer and maintained on the agent's file, along with a copy of the written comparative analysis. It will no longer be required that the existing insurer receive a copy of the replacement documents. Effective December 1, 2009, only the LIRD and associated requirements are accepted. Direction and Guidance Notes Life Insurance Replacement Declaration (LIRD) Questions and Answers LIRD - Delayed Completion