Archived on August 11, 2020
On March 20, 2019, eligible mutual policyholders voted by special resolution (the By-Law Amendment Resolution) to amend the by-laws of the company to allow non-mutual policyholders to vote at the third, and final, special meeting on demutualization. Without this eligible mutual policyholder support, the process would have ended as demutualization can only occur if there is a vote to approve the conversion plan that includes eligible non-mutual policyholders.....
Archived on August 11, 2020
Below is a summary of the steps that must be undertaken to complete a demutualization of Economical Mutual Insurance Company ("Economical") under the Insurance Companies Act and the Mutual Property and Casualty Insurance Company with Non-Mutual Policyholders Conversion Regulations (the "Demutualization Regulations") developed by the federal government. This summary is provided for general information purposes only and does not constitute legal, business, or other general advice. Persons seeking advice with regard to legal, business, or other matters should contact a licensed professional. Please review the terms and conditions for use of this site.....
Archived on August 11, 2020
March 20, 2019 – As the negotiated allocation has been approved by both the committees and reviewed by the Office of the Superintendent of Financial Institutions (OSFI), the policyholder committees have been disbanded. There is no opportunity to reopen the negotiations. All eligible policyholders will vote on the conversion plan, which includes the allocation, at the third special meeting......
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