February 18, 2015
The remaining steps in the implementation of the class action settlement are underway.
The recent filings by Canada Life at FSCO have been prepared by Canada Life and its advisors in accordance with statutory requirements. Canada Life is required to prepare and file these materials in order to obtain the required approvals that will permit the settlement benefits to be paid out to class members.
Some class members have inquired about the Application for Consent to Payment of Surplus to Canada Life. Although Canada Life is formally applying for a payment of surplus, the effect of the amended settlement agreement is to require Canada Life to pay its surplus share to the class members. In addition, Canada Life is also required to pay the additional funds which are necessary to deliver the guaranteed settlement benefit amounts to the class. The filings made by Canada Life reflect its obligations under the court approved settlement.
The Application is a lengthy document with several volumes, and may be viewed at the office of the Financial Services Commission of Ontario. Paper copies of the application, without schedules, can be made available to class members on request.