Definity Financial Corporation Cheque Scam {Jan 2022} Read!

This article describes a financial profit-sharing made by a Canadian Insurance company recently. Read about Definity Financial Corporation Cheque Scam.

Do you know anyone in your family or friends circle surprised upon receiving payment from a mutual fund company? If yes, keep reading the article that checks the purpose behind this process and to find out whether it’s legitimate or not.

People from Canada started receiving payments in the name of the mutual fund company they took policy from. The significant-high amount received created confusion among the payment receivers. Read this article to know more about the facts behind the Definity Financial Corporation Cheque Scam.

About Economical Insurance Company and Demutualization

The Economical Insurance company is a Canadian insurance company that provides property and casualty insurance policies. The company was founded in 1871 with its executive offices in Ontario and Waterloo. The company also has various regional offices across the country.

The company is the country’s 20th largest insurance-based company. The company’s board members made an official announcement in December 2010 regarding the company’s demutualization. Demutualization is when the mutual fund policy company gets converted to a share company, and all the policy members become the shareholders of the company stocks.

Definity Financial Corporation Cheque Scam

  • The Economical Insurance Company went public on 23rd November 2021, and the new parent company ‘Definity’ was formed.
  • The eligible policy members started receiving cheques as they are now not just policyholders but equity owners of the company.
  • The distribution of paychecks to the previous policyholders created doubt and confusion as most didn’t understand what was happening.
  • The cheques distributed are the profit sharing of the company to its shareholders and it’s not a scam.
  • All the eligible policyholders are provided with profit equivalent to the value of the policy taken.

How are Cheque Receivers Reacting?

  • Most Economical Insurance Demutualization Cheque receivers are shocked to see such fat paychecks.
  • People called their financial planners and Economical Insurance Company officials to verify the credibility of the cheques. 
  • Bel Bishop, a company policyholder, said it was like an early present for Christmas.
  • Even though the company mailed the policyholders a long time ago about the demutualization process, but the policyholders didn’t expect paychecks like the ones they received.

Eligibility Criteria for Demutualization Cheque

  • Eligible Mutual Policyholders:  The person who holds a mutual fund policy on or before 3rd November 2015 falls in this category. Read about Definity Financial Corporation Cheque Scam.
  • Eligible Non-Mutual Policyholders:  The person who holds a non-mutual fund policy for twelve months that ends on 3rd November 2015 is also eligible to be an owner of the company stocks. All other policyholders who took the mutual fund policies are not eligible to benefit from the company’s demutualization.

Conclusion

Demutualization helps the insurance policyholders to be a part of the company shares. The number of shares received depends on the value of the policy taken. To know more about the topic, please visit.

Do you have any queries similar to Definity Financial Corporation Cheque Scam? If yes, please submit your questions in the comment section.

Also Read : – Economical Insurance Demutualization Payout Scam {Dec}

2 thoughts on “Definity Financial Corporation Cheque Scam {Jan 2022} Read!”

  1. I received a cheque today from Computer share through Economical insurance due to demutualization. I contacted Computer share and was told the cheque is because I am associated with Family insurance as I have my vehicles insured through Family..Is this why I received a cheque or for some other reason. Looking forward to your response.

    Reply

Leave a Comment