February 4, 2016
The Financial Services Tribunal (“Tribunal”) released written reasons for decision on a motion put forward by Canada Life to summarily dismiss the Requests for Hearing filed by 10 Plan members, which may be accessed here. The Requests for Hearing were in response to the Notice of Intended Decision (“NOID”) issued by the Superintendent of Financial Services dated July 17, 2015 proposing to approve the Surplus Withdrawal Application submitted by Canada Life. In sum, the Tribunal granted Canada Life’s motion, finding that 2 of the applicants have no status to request a hearing, none of the applicants have met the statutory preconditions to request a hearing, and the Requests for Hearing relate to issues outside the jurisdiction of the Tribunal. No further hearing will take place before the Tribunal. The Superintendent was directed to issue his final order in respect of the NOID.