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Saskatchewan’s attorney general says he is “pleased” with a decision from the province’s top court, which sided with three large insurance companies, ruling that new regulations prevent some of their policies being used for unlimited investment.
The province introduced those regulations during a civil trial over the policies, which are held by a group of investors, three years ago, after lobbying by Manufacturers Life Insurance Co., one of the companies involved in the case.
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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.