July 5, 2010Important information : Administrative system conversion for policyholders of IMS*, NNRRIF*, ELAP*, NNAAP* and Money Market Segregated Funds ( "Former NN Segregated Funds"). This November, we will be migrating former NN Segregated Fund policies to a new administration system and as a result there will be changes in how we handle the administration of client policies. The current system is out of date, and some of the services associated with the policy will no longer be available on the new system. These changes will be in effect in November 2010. On July 14, a letter will be mailed to Former NN Segregated Fund policyholders. The purpose of the letter is to inform them about how this conversion might affect their policy. What do you need to know? Policyholders will receive a letter only with text that describes the impact on their individual policies (i.e. ,conditional text). In most cases, there will be no action required.
November 27, 2009Update on excess management fee issue This Notice of Approval of Class Action Settlement for Overcharged Management Fees was placed in newspapers across the country in October. The notice ran again on Saturday, November 21 and Thursday, November 26 as the restitution mailings are now going out to clients.Click here to view the notice.
October 16, 2009 IMPORTANT – Update on excess management fee issue and upcoming overcharge payment communications In the September 23 edition of TransXpress, we advised you that we are beginning the process of communicating the overcharge amounts in this quarter. The purpose of this communication is to provide you with a high-level overview of how this is being done. Click here to read more.
October 14, 2009 Transamerica Life Canada Launches Transamerica Guaranteed Investment Funds Transamerica Life Canada announces the launch of the new Transamerica Guaranteed Investment Funds (GIF) contract. This bold new offering contains 50 outstanding investment choices, including some of the most popular balanced funds, 15 pure equity options, and several distinct asset allocation portfolio solutions. Click here to read more.
Transamerica Life Canada Launches FuturePointTM GIFs - Available in the Transamerica Guaranteed Investment Funds contract Transamerica Life Canada announces the launch of FuturePointTM Guaranteed Investment Funds (GIF), the first target date segregated funds available to independent advisors in Canada. FuturePoint GIFs are used to manage risk according to a specific investment time frame. Click here to read more.
Transamerica Life Canada announces changes to their GLWB product, Five for Life Transamerica Life Canada announces changes to Five for Life including an enhanced 5% Future Income Escalator (FIE) Bonus. Previously available for just 15years, the FIE Bonus is now available in any given year where no withdrawals are made until the end of the year in which the annuitant turns 94. This change will make Five for Life more appealing to younger investors and will be applied to all existing policies. Click here to read more.
August 14, 2009 Update on excess management fee issue and August 10 court approval of settlement In the July 10th communication sent to you, we indicated that excess management fees may have been charged on certain segregated fund and universal life policies. We also indicated that some of these policies fall within a group that are part of a proposed class action, while others do not. We are pleased to report that the settlement of the management fee overcharge claim has been approved for the policies that fall within the groups that were part of the proposed class action. Click here to read more.
July 10, 2009 Transamerica class action settlement update Transamerica has now concluded a settlement agreement with the representative plaintiff, subject to the approval of the Court, to settle the Excess Management Fee claim in Joseph Fantl v. Transamerica Life Canada. A court hearing will be held in Toronto on August 10-12, 2009 with respect to the fairness of the proposed settlement and to approve the settlement and fees payable to class counsel. Click here to read more.
September 2, 2008 Transamerica Life and Roy Elliott O'Connor announce next steps in settlement of management fee overcharge class action against Transamerica Life Canada. Click here to read more.