(April 5 – 14:30 ET) – Canada Life Assurance Co. says it has received court approval of its settlement of premium offset class action lawsuits in Canada. The lawsuits were initiated by policyholders that own participating whole life insurance policies from Canada Life sold using the premium offset concept, also known as vaninishing premium policies.

The court approvals follow hearings held in late March and early April in the Quebec Superior Court, the Supreme Court of British Columbia and the Ontario Superior Court of Justice. In approving the settlement, the courts found it to be fair, reasonable and in the best interests of the affected policyholders.

The agreement provides an independent review process for those policyholders that feel they were given insufficient information about premium offset when they bought their policy. It also provides general benefits for all eligible policyholders.

The settlement applies to all Canadian participating policyholders that bought their policy from Canada Life between 1980 and 1997, not just those in the three provinces where lawsuits had been started. Every eligible policyholder will receive the general benefits without having to do anything.

Canada Life says implementation of the agreement will begin with eligible policyholders receiving a personalized information package in mid July. This will outline the details of the agreement and the options available to them.