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Province." The recommendation was ultimately followed, notwithstanding an earlier government position that no compensation would be paid, based on a view that the primary regulator, the
Province of Alberta, should be responsible for paying compensation to all investors. Shortly following the release
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and the effect of such collapse on the estimated 5,000 Saskatchewan investors who lost money. McLellan recommended a degree of government compensation to such investors, based on findings as to deficiencies in regulatory oversight. His conclusion was that there was "a moral imperative on the
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of McLellan's report, the
Saskatchewan government publicly expressed its inclination to follow the general recommendation to compensate investors, but then reversed itself, resulting in a class action by a number of such investors.
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article, November 11, 1989 that "Saskatchewan is willing to compensate its own residents... We are trying to negotiate this pooling problem with the province of
Alberta, but we're prepared to help in our province."
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Subsequent to the completion of his term as
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Special Report On The
Regulation of FIC Ltd. and AIC Ltd. By The Saskatchewan Superintendent of Insurance (The Principal Investigation)
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from 1976 to 1982, while practising in
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Government Orders. Committee of Finance- Consolidated Fund Budgetary Expenditure
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378:. Legislative Assembly of Saskatchewan, April 11, 1990. Retrieved 2016-10-31.
349:. Legislative Assembly of Saskatchewan, April 11, 1990. Retrieved 2016-10-27.
325:. Legislative Assembly of Saskatchewan, April 11, 1990. Retrieved 2016-10-26.
301:. Legislative Assembly of Saskatchewan, April 11, 1990. Retrieved 2016-10-27.
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government of Saskatchewan, which had formed government following the
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Later appointed as a provincial court judge. Uncredited,
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Gerald McLellan was born March 9, 1932, in the town of
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86:Gerald Peter McLellan
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140:. He was an elected
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72:Profession
90:Ombudsman
50:1987–1994
46:In office
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