McKellar Structured Settlements Inc.Sun Life Assignment
Sun Life Assignment
Media Release - November 2, 2006
We are pleased to advise that, effective November 6, 2006, Sun Life Assurance Company of Canada ("Sun Life") will have the capacity to facilitate the assignment of structured settlements it underwrites, using Sun Life Insurance (Canada) Limited ("SLI") as its assignee. This broadens our ability to broker quotes where assignment is a condition of settlement. This will create the potential for higher structure income for plaintiffs, while increasing savings for casualty insurers.
With the addition of Sun Life to the list of companies that can accommodate assignment, there are now four of the five leading life insurers with which we can broker assigned structures. Those four companies are:
The Manufacturers Life Insurance Company;
AIG Life Insurance Company of Canada;
Standard Life Assurance Limited; and
Sun Life Assurance Company of Canada
A word of caution is in order in respect of Sun Life assignment cases. At this time, there is some question as to the extent of the availability of this assignment facility. Specifically, there may be some geographic limitations (only Ontario cases) and some limitations on the entities from which it will accept assignment (only casualty insurers licensed in Ontario). For the moment, it would be unwise to assume that assignment is available in Sun Life cases without first checking with the structure broker to confirm this. We are diligently working with Sun Life to determine specific criteria applicable to assignment cases and hope to have definitive information available to you shortly. It is our desire to have Sun Life offer as broad an assignment capability as possible; one akin to those offered by the other life insurers mentioned.
We will provide you with further details as they become available.
If you have any questions with respect to the foregoing, we invite you to contact us.
