The Quebec government has endorsed Industrial Alliance Insurance and Financial Services Inc.’s (IA Financial) plan to change its corporate structure through the creation of a holding company that would include all IA Financial operations, the Quebec City-based company announced on Monday.
The National Assembly of Quebec adopted private member’s bill 235, An Act to amend the Act respecting Industrial-Alliance, Life Insurance Company.
Since IA Financial announced its intention to create a holding company on Feb. 5, the company has taken several steps.
On March 21, IA Financial filed its plan of arrangement with the Superior Court of Quebec. Two days later, the court issued a temporary order allowing the company to call a special meeting to present the proposed plan of arrangement to its shareholders.
This special meeting took place May 10 and 97.11% of the holders of common shares of IA Financial voted in favour of the plan of arrangement.
On May 17, the Superior Court of Quebec issued a final order and ruled that the transaction proposed to shareholders was fair and reasonable.
IA Financial anticipates completing the transaction by the end of 2018.