Alan CA continuance; Scotia Trust amalgamation

Summary#

Two corporate notices were published in the Canada Gazette. Alan CA Inc. says it plans to move from Ontario law into federal insurance law to operate as a life insurer; objections must be filed by January 9, 2024. Separately, MD Private Trust Company and The Bank of Nova Scotia Trust Company plan to merge and continue under the name The Bank of Nova Scotia Trust Company, with a proposed effective date of May 1, 2024 (application to be made on or after December 18, 2023). The notices are application steps, not approvals.

What it does#

• Alan CA Inc.

  • Alan CA Inc. intends to apply for letters patent to continue under the Insurance Companies Act (Canada) as a life insurance company.
  • It plans to operate in the classes of accident and sickness insurance and life insurance.
  • The company’s head office is in Toronto and it is a subsidiary of Alan SA (France).
  • People who object can write to the Office of the Superintendent of Financial Institutions by January 9, 2024.

• MD Private Trust Company and The Bank of Nova Scotia Trust Company

  • MD Private Trust Company and The Bank of Nova Scotia Trust Company plan a joint application for letters patent of amalgamation under the Trust and Loan Companies Act (Canada).
  • The merged company would continue as The Bank of Nova Scotia Trust Company (English) / “La Société de Fiducie Banque de Nouvelle-Écosse” (French).
  • The proposed effective date is May 1, 2024, or another date set in the letters patent; the application is to be made on or after December 18, 2023.

Note: Each notice says publication is not proof the letters patent will be issued. Final approval depends on federal review and the Minister’s decision.

Who's affected#

• Customers and policyholders of Alan CA Inc. and people shopping for life or accident & sickness insurance in Canada.
• Clients, account holders, beneficiaries and other customers of MD Private Trust Company and The Bank of Nova Scotia Trust Company, who may see their accounts move into the merged company.
• Employees, managers, and shareholders of the companies involved.
• Regulators who oversee federal insurers and trust companies, including the Office of the Superintendent of Financial Institutions.
• It is not clear from the notices whether any individual customer will see immediate changes to service or contracts; those details are not provided.

Why it matters#

• Moving a company from provincial to federal insurance regulation can change which regulator oversees it and which rules apply. That can affect consumer protections and reporting requirements.
• An amalgamation can simplify operations and change who manages trust accounts, which might affect service, fees, or dispute contacts for clients.
• These are early, formal steps in federal approval processes. They tell the public and affected parties that change is being sought, but they do not mean the changes are approved or final.