(November 25 – 17:00 ET) – The Quebec National Assembly has passed the legislation that will enable Industrial-Alliance Life Insurance Company to proceed with its plans to demutualize. Bill 222, An Act respecting Industrial-Alliance Life Insurance Company, was adopted Wednesday.

As a Quebec chartered company, Industrial-Alliance needed a private member’s bill to authorize its conversion from a mutual insurance company to a share capital insurance company. The bill was
tabled soon after the company held its special meeting on November 8, when policyholders voted in favour of demutualization.

The firm plans to launch its initial public offering by the end of the first quarter of the year 2000.

-IE Staff

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