Green Shield to Create Life Insurance Company

Summary#

Green Shield Holdings Inc. says it will apply under the Insurance Companies Act to create a new life insurance company in Canada. The filing was planned for on or after June 30, 2021, and the notice was published on June 12, 2021.

What it does#

• Announces an intention to file an application for letters patent to incorporate a life insurance company.
• The new company's head office would be in Windsor, Ontario.
• The proposed legal names are Green Shield Canada Insurance (English) and Assurance Green Shield Canada (French).
• The stated purpose is to gain more product and licensing flexibility to support future growth and expand social impact.
• Gives the public a chance to object in writing to the Office of the Superintendent of Financial Institutions by July 30, 2021 (address was provided in the notice).
• Notes that publishing the notice does not mean the letters patent will be granted; approval depends on the normal review process and the Minister of Finance.

Who's affected#

• Current members or customers of Green Shield Holdings Inc. may notice changes if the company starts offering life insurance products.
• People shopping for life insurance could be affected if new products enter the market.
• Regulators and competing insurers may be interested.
• If it is unclear who exactly will be affected, the notice itself does not spell out specific product plans or timelines.

Why it matters#

• If approved, this would let Green Shield Holdings Inc. offer life insurance, which could mean new product choices or package options for consumers.
• The notice gives the public and stakeholders a short window (until July 30, 2021) to raise objections before the application proceeds.
• Publication is an early step, not a final decision; the government still must review and approve the application.