Ex-MetLife holders could miss out
Article Abstract:
Waterloo, Ontario-based Mutual Life Assurance Co. says former policy holders of MetLife Canada, the Canadian unit of Metropolitan Life Insurance Co., could miss out of the multibillion-dollar windfall when it goes public in 1999. Patti McKague, spokeswoman for the Mutual Life, said this is because these policy holders were not on Mutual Life's books at the cutoff date it has set for eligibility, which is on Dec. 29, 1997. Mutual Life purchased most of MetLife Canada's business in spring of 1998 for C$1.2 billion. Former MetLife Canada policy holders did not contribute to the surplus the firm has built up over the years. The surplus will be distributed to eligible "participating: policy holders-that is, those who own policies that pay dividends.
Comment:
Says former policy holders of MetLife Canada could miss out of the multibil-dollar windfall when it goes public in 1999
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Court refuses bid to appeal Sun Life deal
Article Abstract:
Sun Life Assurance Co. of Canada, an insurance company based in Toronto, Ontario, is now poised to effect its settlement deal, which was reached in June 1997, as the Supreme Court of Canada denied to hear an appeal of Jack MacLean's C$65-million settlement. MacLean of Ontario is a Sun Life policy holder who objected to the company's settlement deal in connection to a class-action suit on vanishing premium policies. Due to the decision of the Supreme Court, Sun Life now anticipates to commence mailing in late November 1998 information packages to affected policy holders. However, the insurer anticipates that the processing of all the accounts will take one year or longer.
Comment:
Is poised to effect its settlement deal as Canada's Supreme Court denies to hear an appeal of Jack MacLean's C$65-mil settlement
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Canada Life wants freedom to merge
Article Abstract:
Canada Life Assurance Co., an insurance services provider headquartered in Toronto, Ontario, has expressed opposition to plans of the Canadian federal government to have public interest review as a prerequisite for the approval of mergers between insurance companies. The firm maintained that such a procedure will be a source of added burden for insurers, according to David Nield, chairman and chief executive officer of Canada Life Assurance. Under the terms of the proposal, insurance firms in the region will be allowed to engage in mergers during a three-year period after their demutualization, if the transaction is beneficial on public interest.
Comment:
Expresses opposition to plans of Canadian federal government to have public interest review as a prerequisite for mergers
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Ottawa stifling hearings, group say. Central bank to appoint veteran
- Abstracts: The states and federalism; should more power be shifted to the states?
- Abstracts: Scott's, KFC owner settle dispute. Cara raises bid for Kelsey's by 18%. Manchu Wok serves up a new image
- Abstracts: CAE shares tumble on lost contract. CAE adds to cleaning division
- Abstracts: Senate bans most Internet gambling. 2 deals today could make it easier to get music on line. Recording industry's new spin: 'we're past' on-line piracy fears