Safety National Seeks Release of Canadian Assets

Summary#

Safety National Casualty Corporation says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release assets it keeps in Canada under the Insurance Companies Act. People with a policy or debt claim linked to Safety National’s Canadian business were invited to oppose that request by June 2, 2025.

What it does#

• Announces Safety National’s plan to apply for an order under section 651 of the Insurance Companies Act that would authorize the release of assets maintained in Canada.
• Invites any policyholder or creditor of Safety National’s Canadian insurance business to file an opposition by mail or email on or before June 2, 2025.
• Gives the contact for objections as the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email at approvals-approbations@osfi-bsif.gc.ca.
• Notes the notice was published by Safety National’s solicitors, Dentons Canada LLP (Toronto, April 19, 2025).

Who's affected#

• Policyholders of Safety National Casualty Corporation whose insurance is connected to its Canadian operations.
• Creditors with claims against Safety National’s insurance business in Canada.
• It is unclear from the notice how many people or which exact policies or claims are affected.

Why it matters#

• If OSFI approves the release, assets that are now held in Canada could be moved or distributed in a way that changes how claims and creditor payments are handled.
• Anyone who thinks they could lose rights or payments should consider objecting by the June 2, 2025 deadline so OSFI will have their opposition on record.
• The notice does not say what OSFI will decide or how soon any change would actually happen.