On February 2, 2012, the Ontario Superior Court of Justice, ordered the winding-up of Union of Canada Life Insurance (the “Company”) and appointed Grant Thornton Limited as liquidator (the “Liquidator”). A copy of the orders winding-up the company and appointing the Liquidator can be found on the page containing relevant court and legal documents associated with this proceeding.
The purpose of this Web page is to give you a brief overview of the present status of operations and the anticipated effect of recent events.
The Liquidator will manage the Company, which will continue its operations from its head office in Ottawa, Ontario.
Letters have been sent to policyholders of the Company to explain the present circumstances. For your information, these letters can found on this web site. All benefits and claims are protected by Assuris, the not for profit organization that protects Canadian policyholders in the event their life insurance company fails. There are a very small number of policies that are not fully covered by Assuris. For details on Assuris’ protection visit www.assuris.ca or contact the Assuris Information Centre at +1 866 878 1225.
The Company will continue to accept premiums for renewals. However, for the present time, the Company will not make payment on any requests to redeem or surrender policies or for lump sum cash withdrawals.
The Liquidator is working closely with Assuris to transfer the Company’s business to another life insurance company as soon as possible. Every effort will be made to transfer all the policies under terms and conditions similar to those to which they are presently subject. Policyholders should continue to pay their premiums to ensure that they are eligible for Assuris’ protection. If the policyholders fail to pay their premiums, they will not be eligible for Assuris’ protection and transfer to a new insurer.
The Company will continue to carry on its business while a transfer is being arranged. Accordingly, in the absence of any unusual circumstances, the premiums due in respect of reinsurance in favour of the Company will continue to be paid to the reinsurers. The Liquidator expects reinsurers to continue to make all payments in respect of reinsurance to the Company in the normal course and to cooperate with the Liquidator with respect to the transfer of the business to another insurer.
We will use our best efforts to keep you advised as information becomes available. In the meantime, if you have any questions, please call the appropriate numbers listed to the right of this page.
We expect to receive a number of inquiries so your patience and understanding is greatly appreciated.