Allianz to transfer Canadian risks to Assumption

Summary#

Allianz Life Insurance Company of North America plans to apply for regulatory approval to have its Canadian insurance risks taken over by Assumption Mutual Life Insurance Company. The application to the Superintendent of Financial Institutions (Canada) is set to be made on or after January 17, 2024, and related documents will be available for inspection for 30 days after this notice.

What it does#

• Asks the federal regulator for permission for Allianz Life Insurance Company of North America’s Canadian branch to be reinsured, on an assumption basis, by Assumption Mutual Life Insurance Company.
• Makes the proposed assumption reinsurance agreement and an independent actuary’s report available to Allianz policyholders to inspect during normal business hours at 1600–130 Adelaide Street West, Toronto, Ontario M5H 3P5 for 30 days after the notice was published.
• Lets any policyholder request copies of those documents in writing from the Chief Agent at the address above.

Who's affected#

• Policyholders of the Canadian branch of Allianz Life Insurance Company of North America are the most directly affected group.
• It is unclear from the notice whether other groups (for example, employees, brokers, or holders of other companies’ policies) will be affected.

Why it matters#

• If approved, the change would mean a different company — Assumption Mutual Life Insurance Company — would become responsible for the insurance risks under those Canadian policies.
• Policyholders may want to review the proposed agreement and the actuary’s report to understand any risks to policy terms, claims handling, or long-term security of their policies.
• This is an application to a regulator, not a finalized change; the Superintendent must approve the transaction before it takes effect.