Saskatchewan Court of Appeal's Decisions Favour Manulife and Industrial Alliance's Position Regarding Use of Side Accounts
DBRS Limited (DBRS Morningstar) notes that on March 10, 2021, the Saskatchewan Court of Appeal (the Court) issued rulings in favour of The Manufacturers Life Insurance Company and Industrial Alliance Insurance and Financial Services Inc. and BMO Life Assurance Company (collectively, the Respondents) in the Mosten Investment LP, Ituna Investment LP, and Atwater Investment LP (collectively, the Applicants) cases regarding the right of the Applicants to deposit unlimited amounts in certain universal life insurance policies. These follow the rulings issued by the Court of Queen’s Bench for Saskatchewan on March 15, 2019, in favour of the Respondents.
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