Bringing the existence of one of Canada’s
oldest life insurers to an end, the Ontario Superior court of
Justice ordered the winding-up of Union of Canada Life (UCL).
Founded in 1863, UCL operated as a fraternal
society and at the time of its demise had 22,000 policyholders,
primarily in the province of Quebec.
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According to the liquidator of UCL, Grant
Thornton, the insurer “faced unique challenges, business risks and
insufficient capital to ensure long-term viability”.
Grant Thornton noted its intention as
liquidator to transfer UCL’s policies to another life insurer. If a
full recovery of policyholders’ benefits is not achieved in the
transfer process, any shortfall will be made up by
Assuris, a non-profit life insurance industry
body established in 1990 to protect policyholders in the event of a
Canadian life insurer becoming insolvent.
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