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October 09, 2015 10:29 PM ET


Company Overview of The Great-West Life Assurance Company

Company Overview

The Great-West Life Assurance Company, together its subsidiaries, provides life insurance, health insurance, investments, savings, and retirement income and reinsurance solutions primarily in Canada and Europe. It offers financial and benefit plan solutions for individuals, families, and business owners. The company’s products for individuals include life insurance, disability insurance, critical illness insurance, and health and dental insurance; and retirement and investment planning solutions comprising segregated fund policies, mutual funds, solutions banking, specialized investment solutions, registered education savings plans, registered retirement savings plans, registered retirement ...

100 Osborne Street North

Winnipeg, MB R3C 1V3


Founded in 1891



Key Executives for The Great-West Life Assurance Company

Chief Executive Officer, President, Member of Executive Committee and Member of Investment Committee
Age: 51
Chief Financial Officer and Executive Vice-President
Age: 61
President of Europe and Chief Operating Officer of Europe
President of Canada and Chief Operating Officer of Canada
Chief Investment Officer and Executive Vice-President
Compensation as of Fiscal Year 2015.

The Great-West Life Assurance Company Key Developments

Final Judgment Granted in Participating Policyholder Class Actions Against London Life Insurance Company and the Great-West Life Assurance Company

A final judgment has been granted in two separate but related class actions, one filed on behalf of participating life insurance policyholders of London Life Insurance Company against LLIC and the Great-West Life Assurance Company and the other filed on behalf of participating policyholders of GWL against GWL and Great-West Lifeco Inc. The lawsuits challenged two transactions by LLIC and GWL in 1997 which used $220 million from their participating accounts in order to help pay for the purchase of LLIC by GWL. The litigation determined that certain provisions of the Insurance Companies Act (ICA) were breached. Specifically, the Ontario Court of Appeal held that the Par Account Transactions failed to comply with Generally Accepted Accounting Principles, and therefore breached 331(4) of the ICA. Given this finding, the Court concluded that GWL and LLIC made unlawful transfers of money from these companies' participating accounts to the shareholders accounts contrary to s. 462; and GWL and LLIC charged unlawful expenses to the participating accounts in the form of annual amortization charges each year from 1997 to 2011 contrary to s. 458. Notwithstanding these breaches of the ICA, the Court held that there was no evidence of any impact on policyholder dividends. The claim against Lifeco was dismissed. As a result, the PATs were ordered to be unwound as of December 31, 2011. The Ontario courts cancelled the illegal accounting for the participating account transactions as of December 31, 2011 with the result that future amortization charges will not be incurred by the participating accounts. Further, LLIC and GWL were ordered to pay a total of $56.43 million on an after-tax basis plus an applicable rate of interest from the shareholders accounts to the participating accounts of LLIC and GWL. This means that the Courts did not make an award directing that money be paid directly to participating policyholders. Rather, the amounts to be paid by LLIC and GWL shareholder accounts are payable to the participating accounts by order of the courts. Class members are therefore not required to make a claim or to otherwise take any steps as the money ordered to be returned to the participating accounts must be dealt with in accordance with the dividend policies of GWL and LLIC in the ordinary course of business. A hearing has been scheduled for January 20 and 21, 2016. At the hearing, it is expected that lawyers for the class members; GWL, Lifeco and LLIC; and the Ontario Class Proceedings Fund will each separately ask the court to approve fees, costs or a levy.

The Great-West Life Assurance Company, Annual General Meeting, May 07, 2015

The Great-West Life Assurance Company, Annual General Meeting, May 07, 2015., at 11:00 Central Daylight. Location: head office of The Canada Life Assurance Company. Agenda: To receive the financial statements for the year ended December 31, 2014 and the reports of the auditor and the actuary thereon; to elect policyholders directors; to appoint the auditor; and to transact such other business as may be properly brought before the meeting or any adjournment thereof.

Great-West Life Assurance Unveils Federal Pooled Registered Pension Plans

The Great-West Life Assurance Company has announced the availability of federal pooled registered pension plans, or PRPPs, to help provide improved access to group retirement savings plans to employees of federally regulated employers. While the PRPP is available to federally regulated employers only, such as banking, extra-provincial transport and aircraft transport, it is intended to be a framework for provinces that must enact their own legislation in order to offer a PRPP. At the forefront is the Quebec government, whose voluntary retirement savings plan (VRSP) legislation took effect on July 1, 2014. Aarssen encourages all provinces to follow suit with "harmonized legislation that helps employers offer their employees universal access to retirement savings plans and lock in contributions to help preserve accumulated assets earmarked for retirement savings".

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