OpinionJun 15 2016

Legislation Update

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Legislation Update

However, in the Group Risk industry the claim value is typically very high compared to the extra premium. It has usually been the case that the insurer will accept an additional premium and pay the claim in full. Canada Life will continue to do this where it gives a better customer outcome.

When considering delayed payment of claims, a reasonable time must be considered based on the type of insurance, the size and complexity of the claim, compliance with statute and factors outside the insurer’s control.

We pay life claims and clinical Income Protection claims, such as for cancer, within five days. More complex claims require information from third parties outside our direct control. Thus we believe Canada Life is unlikely to be affected