July 23, 2015
The Deputy Superintendent of the Financial Services Commission of Ontario (“FSCO”) has issued a Notice dated July 17, 2015 that he intends to make an order consenting to the surplus withdrawal application filed by Canada Life, effective after all payments are made to members under the Surplus Sharing Agreement. This is a significant step in the regulatory process. After 30 days, Canada Life will proceed with the final regulatory step of seeking approval of its asset transfer application. Following approval of the asset transfer, payment of all amounts under the Surplus Sharing Agreement will be made to members. To view a copy of FSCO’s Notice, please click here.