Insurer nearing flotation

Canada Life has taken a further step on the road to a stock market flotation, having received draft regulations from the Federal Department of Finance in Canada, which will govern the demutualisation process. The next step will be the presentation of the plan to the main board of directors in Canada for their consideration, which is expected to take place next spring, followed by reviews by regulators in all the major markets. Late next year eligible policyholders are due to vote on the plan, with a flotation planned for the end of 1999. Approximately 50,000 Canada Life policyholders in Ireland will benefit from receiving shares from the flotation.