Wilton Re plans Canadian asset release

Summary#

Wilton Re (Canada) Limited says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under section 651 of the Insurance Companies Act. The notice was published on April 15, 2023 and invites objections up to May 8, 2023.

What it does#

• Announces that Wilton Re (Canada) Limited intends to apply, on or after May 8, 2023, for an order allowing it to release assets held in Canada under section 651 of the Insurance Companies Act.
• Invites any policyholder or creditor who opposes that release to file an opposition by mail to the Office of the Superintendent of Financial Institutions (Canada) at 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca, on or before May 8, 2023.
• Notes that the company’s notice was submitted through its solicitors, Torys LLP.

Who's affected#

• Policyholders of Wilton Re (Canada) Limited.
• Creditors of Wilton Re (Canada) Limited.
• It is unclear from the notice whether other insurers, brokers, or third parties are affected.

Why it matters#

• If the Superintendent allows the release, assets that currently sit in Canada could be removed or otherwise dealt with.
• That could matter to people who rely on those assets to support insurance claims or creditor recoveries.
• The notice is a step in a process, not a final decision. It is unclear from the notice whether the release will be approved.