Bismarck, ND - Insurance Commissioner Jim Poolman today granted regulatory approval for Sun Life Financial Services of Canada, Inc. ("Sun Life"), to acquire control of Clarica-U.S which is based in Fargo, N.D. A hearing was held on the matter in Bismarck on February 27, 2002.
Clarica U.S. is a wholly owned subsidiary of Clarica Life Insurance Company, a Canadian financial services company based in Waterloo, Ontario. The Canadian operations of Clarica and Sun Life would combine to form Canada's largest life insurance organization, with combined revenues of almost $15 Billion.
Clarica U.S. is licensed to do business in 48 states and the District of Columbia. The company reported $257 million in insurance premiums written for the first nine months of 2001.
"My main concern is the effect this sale will have on Clarica policyholders, and the evidence pointed in the direction of no negative effect on those customers." Poolman said. "This transaction further strengthens the financial position of Clarica U.S., which is a benefit to all its policyholders," he added.
Poolman concluded that the transaction met all of the statutory requirements set out in North Dakota law.
"The financial services industry is rapidly changing, and from a business perspective, this appears to be a change for the best. Sun Life has expressed its commitment to maintaining the quality customer service Clarica's policyholders have received," Poolman said.