KOHO applies to become Schedule I bank

Summary#

This Canada Gazette notice lists several corporate filings and planned changes by financial and insurance companies. It includes a plan by 15391326 Canada Inc. (a subsidiary of KOHO Financial Inc.) to apply to become a bank under the Bank Act using the name KOHO Bank / Banque KOHO, with an objections deadline of April 27, 2026. The page also announces planned continuances for three insurers under the Insurance Companies Act (on or after April 13, 2026), a planned reduction of stated capital at Fiduciary Trust Company of Canada to $1.00 tied to an acquisition, and an application by Independence American Insurance Company to open a Canadian branch (on or after March 9, 2026).

What it does#

• 15391326 Canada Inc. intends to apply for letters patent to continue as a Schedule I bank under the Bank Act, and to operate in Canada as KOHO Bank / Banque KOHO. Objections can be sent to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026. The notice says publication does not guarantee the bank status will be granted.
• Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company each plan to apply to the Minister of Finance for approval to continue as corporations under the Canada Business Corporations Act (this step is under the Insurance Companies Act). Each application may be withdrawn by the companies’ boards before final approval. The filings are to occur on or after April 13, 2026.
• Fiduciary Trust Company of Canada plans to apply to the Superintendent of Financial Institutions for approval to reduce the stated capital of its common shares to $1.00. That reduction is conditional on the acquisition of control by 17440961 Canada Inc. and on regulatory approval under the Trust and Loan Companies Act.
• Independence American Insurance Company (incorporated in Delaware, parent in Luxembourg) intends to apply for permission under the Insurance Companies Act to establish a Canadian branch to write property insurance. The company’s head office is in Scottsdale, Arizona and its Canadian chief agent will be in Newmarket, Ontario. The application is being filed on or after March 9, 2026.

Who's affected#

• Customers and potential customers of KOHO Bank / Banque KOHO (current KOHO app users and people looking for banking services).
• Policyholders, brokers and competitors dealing with Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company.
• Shareholders, the sole shareholder, and the proposed buyer 17440961 Canada Inc., plus creditors and regulators connected to Fiduciary Trust Company of Canada, because the stated-capital change is tied to a takeover.
• Canadian property insurers, brokers, and customers who might encounter new offerings from Independence American Insurance Company.
• Regulators (OSFI and the Minister of Finance) and anyone who wants to object to the KOHO bank application by April 27, 2026.

Why it matters#

• If the KOHO application succeeds, a fintech-linked company could become a domestically chartered bank. That can affect where customers hold deposits, what protections and services are available, and competition in retail banking.
• The insurers’ planned continuances are mostly corporate-structure steps. They may change which federal corporate rules apply, but the notice does not describe immediate operational changes.
• The planned reduction of stated capital at Fiduciary Trust Company of Canada is part of a takeover-related restructuring. It could matter to stakeholders because changes to capital structure can affect who controls the company and how it is financed, though the notice says the change needs regulatory approval first.
• A new branch of Independence American Insurance Company could add another option in the Canadian property insurance market. The notice gives the company’s planned Canadian agent and where it is headquartered, but not product specifics.