Participating Account Court Action Update
The Ontario Superior Court of Justice released a decision on January 24, 2013 in regard to the involvement of the participating accounts of Great-West Lifeco subsidiaries London Life Insurance Company and The Great-West Life Assurance Company in the financing of the acquisition of London Insurance Group in 1997. This decision follows on the Court of Appeal decision from November 11, 2011. That court ruled the Companies achieved substantial success and required that there be adjustments to the original trial judgment regarding amounts which were to be reallocated to the participating accounts going forward. The Court of Appeal decision directed the parties back to the trial judge to determine those amounts. The Ontario Superior Court decision determined the amount to be reallocated to the participating account surplus.
About Participating Life Insurance
At Great-West Life, we believe participating life insurance offers consumers important advantages and choice as part of a sound financial security plan. We are committed to maintaining choice and flexibility for clients and financial advisors.