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.

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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