Capital One Bank (Canada Branch) application

Summary#

This Canada Gazette notice contains three short public notices.

• Capital One, National Association says it will apply for permission to open a full-service bank branch in Canada under the name Capital One Bank (Canada Branch) with an office in Toronto.
• Gerber Life Insurance Company and Lincoln Life Assurance Company of Boston say they will apply for orders to release the assets they maintain in Canada under the Insurance Companies Act (Canada).

What it does#

• Capital One, National Association intends to apply to the Minister of Finance under the Bank Act (Canada) to establish a full-service Canadian branch called Capital One Bank (Canada Branch). Its principal office would be in Toronto, Ontario. Anyone who objects was invited to write to the Office of the Superintendent of Financial Institutions (Canada) by August 30, 2021. The notice notes that publication does not guarantee the order will be granted.
• Gerber Life Insurance Company intends to apply to the Superintendent of Financial Institutions (Canada) for an order authorizing the release of the assets it holds in Canada under the Insurance Companies Act (Canada). Policyholders or creditors were invited to file an opposition by mail or email by July 26, 2021.
• Lincoln Life Assurance Company of Boston, carrying on business in Canada as Liberty Life Assurance Company of Boston, intends to apply to the Superintendent of Financial Institutions (Canada) for an order to release the assets it maintains in Canada under the Insurance Companies Act (Canada). Oppositions were invited by August 2, 2021.

Who's affected#

• People in Canada considering banking with or already customers of Capital One Bank (Canada Branch), if the branch is approved.
• Policyholders and creditors of Gerber Life Insurance Company in Canada.
• Policyholders and creditors of Lincoln Life Assurance Company of Boston (doing business as Liberty Life Assurance Company of Boston) in Canada.
• The Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada) as the decision-makers.
  If you are unsure whether you are affected, the notices give specific deadlines and contact points to check.

Why it matters#

• A new full-service branch of Capital One could bring new banking options and competition for consumers in Canada if approved.
• Notices about releasing assets are important for policyholders and creditors because they relate to how an insurer holds or moves money connected to Canadian policies or claims. Those directly tied to the insurers named should review the notices and consider filing an objection before the listed deadlines.