Legal notice to Assomption Vie

The text is now available at: http://consumerights.ca/wp/2015/03/legal-notice-to-assomption-vie/

visit our web site at Financial Services Consumer Alliance

 

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5 comments

  1. Richard, can you post the link to the Assumption Statement in Finance et Investissement. Can you also provide the wording in the RBC policy restricting rights of policy owners. These are fundamental issues that require references for consumers and brokers alike.

    • the link is http://www.finance-investissement.com/nouvelles/industrie/turbulence-dans-l-industrie-au-sujet-des-rachats-de-polices/a/59513/3

      Normand, please note I will not allow a Pheonix type of conspiracy to take root in Canada. There is a lawsuit under RICO statutes in the US against Pheonix Insurance for having refused to honor it’s contractual obligations because it wanted non profitable policies to lapse. Such obligations included change of ownership. Assumption Life statement is the same as Pheonix made. If insurers feel they don’t have to honor an insurance contract, then insurance as a promise made in utmost good faith is worth nothing. This cannot be allowed to happen!!!

      • Richard, are you aware of whether public consultations were held or are to be held on Bill 177 given the major changes to consumer rights. Also do you have a contact number for the minister responsible or the Financial and Consumer Authority?

      • In fact Bill 177 was introduced by the Minister of Justice which is strange. Here is his coordinates
        Jennifer Hartung Junior Administrative Assistant to the Honourable Gordon S. Wyant, Q.C.
        Minister of Justice and Attorney General Minister Responsible for SaskBuilds
        Phone: (306) 787-5353 Fax: (306) 787-1232
        No consultations were done as the changes are done based on trilateral economic agreement between Alberta BC and Sask. The reality is that such economic agreement which are usually very secretive modify existing legislation to remove trade barriers. Sadly instead of taking the best of the 3 existing law, they adopted the worst law and they miss the opportunity to really update the law. For example allowing non agents to receive servicing commission with no strings attached…Long live orphan policies…

  2. Richard, you are the Ralph Nader of the Canadian life insurance industry !! Keep up the good work and make sure the Federal Competition Bureau investigates them for Unfair Restraint of Trade !!
    Back in the early 90s when Canadian Life Line retained the services of the late Murray Thompson, the former Ontario Superintendent of Insurance he advised us at the time that an Ontario life insurer could refuse to honour a claim if Canadian Life Line in Nova Scotia were to be the owner of the life policy on “public policy” grounds that trafficking in life insurance in Ontario is a criminal offence with a $100K (non index-linked) fine for the FIRST OFFENCE.
    As a result we decided to offer the policyholder a legally enforceable “non-recourse” loan with a proviso that if the life insurer refused to pay the collateral assignment, they would need to pay it to the estate instead and we would then sue the estate, if necessary.

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