Safety National asset release application

Summary#

This notice, published April 19, 2025, says Safety National Casualty Corporation plans to ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). Anyone who is a policyholder or creditor and opposes that plan was invited to file an objection by June 2, 2025.

What it does#

• Announces that Safety National Casualty Corporation intends to apply to the Superintendent of Financial Institutions (Canada) for an order to release the assets it maintains in Canada (under section 651 of the Insurance Companies Act (Canada)).
• Says the application will be made on or after June 2, 2025.
• Invites any policyholder or creditor in respect of Safety National’s Canadian insurance business to file an opposition by mail or email on or before June 2, 2025.
• Opposition can be sent to: Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Safety National Casualty Corporation for insurance issued or managed in Canada.
• Creditors with claims related to Safety National’s Canadian insurance business.
• It is unclear from the notice whether any other groups (for example, reinsurers or service providers) are directly affected.

Why it matters#

• If the Superintendent approves the application, Safety National Casualty Corporation could be allowed to move or otherwise release the assets it keeps in Canada.
• That could change where funds that support Canadian policies and claims are held, which matters to people with active claims or outstanding balances.
• The notice is about an intended application, not a decision — the Superintendent will decide whether to allow the release.