Alan CA Inc. seeks federal life-insurer charter

Summary#

Alan CA Inc. says it intends to change from an Ontario corporation into a federally regulated life insurance company under the Insurance Companies Act (Canada). The notice was published on November 18, 2023 and gives the public a chance to object by January 9, 2024.

What it does#

• Alan CA Inc. plans to apply for letters patent to continue as a federal life insurer.
• If approved, it would operate in the classes of accident and sickness insurance and life insurance.
• The company currently carries on business in Canada with its head office in Toronto, Ontario.
• It is a subsidiary of Alan SA, a company formed under French law.
• The publication is a notice of the intent to apply. It does not mean the change is approved. Approval depends on review by the Minister of Finance and the normal federal process.
• Anyone who objects can send a written objection to the Office of the Superintendent of Financial Institutions (mailing address in the original notice) on or before January 9, 2024.

Who's affected#

• Current and potential customers of Alan CA Inc., especially people looking for life or accident & sickness insurance.
• Competing insurers and brokers who operate in the same markets.
• Regulators: the company would move from provincial corporate law to federal insurance oversight (involving the Office of the Superintendent of Financial Institutions and the Minister of Finance).
• Employees and business partners of Alan CA Inc..
• If it’s unclear who else might be affected, the notice doesn’t spell that out.

Why it matters#

• A federal charter can make it easier for an insurer to operate across provinces. That can change how the company is regulated and supervised.
• For consumers, the change could mean new products or a different regulator overseeing policyholder protection.
• The public has a short window to object: January 9, 2024.
• Publication of this notice is informational only; it does not guarantee the continuance will be approved.