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Saskatchewan’s government is again under pressure from the insurance industry to make legislative changes that could protect three major companies whose policies are the subject of an ongoing multi-million-dollar court case.
The Canadian Life and Health Insurance Association Inc. (CLHIA) registered last month to lobby the premier and senior government ministers to make “changes to the Insurance Act to reaffirm that insurance contracts are not deposit accounts.”
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That is the key issue in the case, which will determine whether a group of investors can put unlimited amounts of money into universal life insurance policies that were sold in the province two decades ago and offer a guaranteed rate of return.
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Chris Young/The Canadian Press
Citing the continuing impact of the pandemic, Canada’s biggest banks and insurers are once again heading to court for permission to hold annual meetings online in 2021.
According to a court filing obtained by The Globe and Mail, a group of 16 applicants that includes the country’s six biggest banks and three largest insurance companies has applied for an order allowing them to hold virtual shareholder or policyholder meetings next year.