Industrial Alliance Insurance and Financial Services Inc. (iA Financial Group) announced June 18 that Quebec’s National Assembly has adopted private member's bill 235, An Act to amend the Act respecting Industrial-Alliance, Life Insurance Company. This bill was intended to allow the company to change its corporate structure through the creation of a holding company that would include all iA Financial Group operations.
Received shareholder approval
iA Financial Group announced its intention to create a holding company in February and has since taken various steps toward this goal, including receiving the approval of 97.11 per cent of common shareholders via a vote held May10. In addition, on May 17, the Superior Court of Québec ruled that the transaction proposed to shareholders was fair and reasonable.
iA Financial Group expects to complete the transaction by the end of 2018.