CorePointe asset release; Quebec Assurance continuance

Summary#

Two short notices were published. One says CorePointe Insurance Company plans to ask the federal regulator for permission to release the assets it holds in Canada on or after April 28, 2025. The other says Quebec Assurance Company intends to seek approval to continue as a federal corporation under the Canada Business Corporations Act on or after April 7, 2025.

What it does#

• CorePointe Insurance Company

  • Intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order allowing it to release assets it maintains in Canada under the Insurance Companies Act.
  • Anyone who is a policyholder or a creditor of CorePointe’s Canadian insurance business can file an opposition by mail or email. The deadline to do that is April 28, 2025.

• Quebec Assurance Company

  • Intends to apply to the Minister of Finance (Canada) for approval to then apply under the Canada Business Corporations Act for a certificate of continuance (i.e., to change its corporate status to a CBCA corporation).
  • The company’s board can still withdraw that application before it is acted on. The earliest date the company says it will apply is April 7, 2025.
  • The notice makes clear that publication does not mean approval has been or will be granted.

Who's affected#

• CorePointe Insurance Company policyholders and creditors in Canada are the main group who might be affected or who may wish to oppose the release of assets.
• People or organizations considering an objection should contact the Office of the Superintendent of Financial Institutions (Canada) by the April 28, 2025 deadline given in the notice.
• Quebec Assurance Company itself, its sole shareholder (the notice refers to a sole shareholder), and possibly its policyholders or creditors may notice changes if the continuance proceeds. It is not clear from the notice what immediate practical effects policyholders or others will face.

Why it matters#

• If CorePointe Insurance Company gets permission to release assets from Canada, there could be fewer Canadian-based assets available to satisfy claims or obligations here. Policyholders and creditors may want to check their coverage and consider filing an opposition before April 28, 2025.
• If Quebec Assurance Company moves to continue under the Canada Business Corporations Act, that changes the company’s legal framework and the federal regulator involved. That can affect corporate governance and oversight, so stakeholders should watch for further details and decisions after the application process begins.