• Medical History:

  • Information about an applicant’s medical conditions, such as past diagnoses, treatments, or ongoing health concerns.

  • Examples include details about diabetes, heart conditions, or cancer diagnoses.

• Non-Medical Risk Factors:

  • Non-health-related factors that may impact insurability, such as hazardous hobbies (e.g., skydiving) or occupation-related risks.

  • Lifestyle details, such as smoking or substance use, may also be included.

• Insurance Application Details:

  • Information reported in past insurance applications, such as discrepancies or undisclosed conditions flagged during underwriting.

• Impairments or Special Risks:

  • Specific conditions or risks that would affect underwriting, like a history of declined, postponed, or rated policies.

• MIB does not store detailed medical records, lab results, or confidential physician notes.

• It does not include financial data, such as income or credit scores.

• It does not make underwriting decisions; it simply provides information to member companies for their own evaluation.

When an individual applies for life, health, or disability insurance, the insurer may access MIB records to verify the accuracy of the information provided in the application. If there are discrepancies or omissions, the insurer may ask follow-up questions, request medical records, or order additional tests.

• Fraud Prevention: MIB helps identify instances where applicants provide false or incomplete information to gain favourable terms.

• Consistency in Underwriting: By centralizing data, it ensures that insurance companies have a standard reference point for risk assessment.

• Consumer Protection: While it primarily serves insurers, it also promotes fairness by reducing premiums inflated by fraud-related losses.

Under Canadian law, individuals have the right to:

• Access their MIB record free of charge once per year.

• Dispute any inaccurate or outdated information in their MIB file.

• Understand how their information is being used during the insurance application process.

MIB ensures transparency and compliance with privacy laws, safeguarding both insurers and consumers throughout the underwriting process.