Some extra money may be coming your way. More than 600,000 Canadians are being sent a cheque from their insurance company.
Economical Mutual Insurance has recently started issuing payments of financial benefits as part of the conclusion of a government-regulated demutualization process of the company.
“Demutualization means Economical Mutual Insurance changed from a mutual company into a company with shares. As a result of that transaction, the company was required by law to distribute financial benefits to eligible policyholders,” an Economical Insurance spokesperson told Daily Hive by email.
“We’re pleased to have been able to distribute these benefits, and we know that they may be a welcome surprise for many recipients during the holiday season.”
Eligible policyholders have received information about this demutualization over the last few years, according to Economical. If you still have the correspondence, they suggest you review it if they want further background information.
Economical says eligible non-mutual policyholders will receive a package that contains your benefits with the exact amount of cash and/or shares as determined by the Conversion Plan that was approved earlier this year.
Those who received a cheque can also review their website joininourfuture.com, which has more detail as well as an FAQ section, or reach out to [email protected] if they have further questions.
All Canadians eligible to recieve a cheque should have their sent to them by January 2022, according to information on the companies demutualization.