Foreign insurers seek release of Canadian assets

Summary#

This Canada Gazette notice says two foreign insurers intend to apply for permission to release the assets they keep in Canada under the Insurance Companies Act (Canada). The companies are Equitable Financial Life Insurance Company (doing business in Canada as AXA Equitable Life Insurance Company) and Partner Reinsurance Company Ltd.. Each gave a date when they plan to apply and a deadline for policyholders or creditors to file objections with the Office of the Superintendent of Financial Institutions (Canada).

What it does#

• Equitable Financial Life Insurance Company, operating in Canada as AXA Equitable Life Insurance Company, plans to ask the Superintendent of Financial Institutions (Canada) for an order to release the assets it keeps in Canada. It filed the notice on March 19, 2022 and intends to apply on or after May 2, 2022. Objections must be sent by May 2, 2022.
• Partner Reinsurance Company Ltd. plans to ask the Superintendent of Financial Institutions (Canada) for the same type of order. It filed the notice on March 26, 2022 and intends to apply on or after March 26, 2022. Objections must be sent by May 9, 2022.
• Objections can be mailed to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2 or emailed to approvalsandprecedents@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of the Canadian operations of AXA Equitable Life Insurance Company (the branch of Equitable Financial Life Insurance Company).
• Policyholders and creditors related to Partner Reinsurance Company Ltd. who have rights tied to assets held in Canada.
• Anyone whose claim or security depends on assets those companies maintain in Canada.
• If it’s unclear whether you’re affected (for example, if you hold a reinsurance claim or are a beneficiary), you may want to check your documents or ask the company or a lawyer.

Why it matters#

• If the regulator allows the release, the companies could move or use the assets they keep in Canada. That could change how easily policyholders or creditors can collect on claims or how well those claims are secured.
• This is not a final decision yet — it’s notice that the companies will apply for permission. Affected people can file objections by the deadlines if they think their interests would be harmed.
• The notice tells people where and how to send objections so the regulator will consider them before deciding.