Sun Life policy holder seeks to quash appeal

Article Abstract:

Sun Life Assurance Co. of Canada's policy holder, Paul Dabbs, is attempting to quash an appeal that has caused the delay of a C$65-million payment to approximately 400,000 Sun Life customers. The appeal was filed by Sun Life customer Jack MacLean to the Ontario Court of Appeal on Aug. 4, 1998, in his opposition to the settlement. Dabbs' lawyers contend that MacLean lacks standing and that the appeal as well has little merit. The settlement between the Toronto, Ontario-based insurer and aggrieved Sun Life customers was approved on Jul. 6, 1998.

Comment:

Policy holder, Paul Dabbs, is attempting to quash an appeal that has caused the delay of a C$65-mil payment to customers

Legal issues & crime, Sun Life Assurance Company of Canada

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Insurers suspend secret merger talks

Article Abstract:

Sun Life Assurance Co. of Canada of Toronto, Ontario, has suspended its secret merger negotiations with Toronto-based Canada Life Assurance Co., after hearing the news that the planned merger will not be approved by Ottawa, Ontario. The two companies were planning to announce their proposed merger within a few weeks before the plan was rejected by the federal government. The proposed merger was rejected because it would have violated the draft demutualization rules issued by the government in late August 1998.

Comment:

Has suspended its secret merger negotiations with Sun Life Assurance

Acquisitions & mergers, Canada Life Assurance Co.

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Insurers reveal CEOs' pay

Article Abstract:

Manufacturers Life Insurance Co.' president and CEO, Dominic D'Alessandro, was revealed to have received C$2.2 million in 1997, ranking the highest in salary and compensation among top executives in the four big mutual life insurers in Canada. The executive's pay put him ahead CEOs in Sun Life Assurance Co. of Canada, Canada Life Assurance Co. and Mutual Life Assurance Co. Canada. Due mainly to improved profit in Toronto, Canada-based Manulife, D'Alessandro's 1997 pay ballooned by nearly 40% from 1996.

Comment:

President & CEO, Dominic D'Alessandro, is revealed to have received C$2.2 mil in 1997

Management development, Manufacturers Life Insurance Company (Philippines) Inc.

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