Confederation Life Insurance Company, also known as Confederation Life, was a major Canadian insurance company and financial services provider. Its global head office was located in Toronto in what is now the Rogers Building. The company had operations in Canada, the United States, the United Kingdom, and Bermuda, and an inactive office in Cuba.
Confederation Life was forced into liquidation in 1994. The process began on August 11 of that year. Due to the international operations of the company, the liquidation process was somewhat complex. The company had financial obligations to 260 000 individual policyholders in Canada, and it also had another 1.5 million people who were members of a group insurance plan through the company. During the liquidation process, CompCorp (who was by then called Assuris) was able to guarantee the assets of all policyholders, and the process only cost the compensation fund CA$5 million. The various blocks of business held by the company were taken over by several different Canadian and American insurance companies. The liquidator is KPMG in Toronto, who is responsible for distribution of funds to the various creditors. As of 2010, the process was still ongoing.
This was the third liquidation of an insurance company in Canada, and as of 2010, was the last such liquidation.
Read more about Confederation Life: See Also
Famous quotes containing the word life:
“We realize that we are laggards from the past century, still living in what Marx kindly calls ‘the idiocy of rural life,’ and we know that our rural life is like that of the past, not like that of much of the present.”
—For the State of Vermont, U.S. public relief program (1935-1943)