Atlantic Coast Life seeks Canadian branch approval

Summary#

This notice says that Atlantic Coast Life Insurance Company intends to apply to set up a Canadian branch to sell life insurance in Canada. The company plans to file the application with the Superintendent of Financial Institutions on or after July 25, 2022; the notice appeared in the Canada Gazette on July 30, 2022.

What it does#

• Announces an intention by Atlantic Coast Life Insurance Company (incorporated in South Carolina) to file an application under the Insurance Companies Act (Canada) for approval to insure risks in Canada.
• Says the company would operate in Canada under the English name Atlantic Coast Life Canada and the French name Atlantic Coast Life du Canada.
• States the company intends to carry out life insurance business in Canada.
• Gives the company’s head office as Charleston, South Carolina, and its Canadian chief agency as Toronto, Ontario.
• Notes the application was to be filed on or after July 25, 2022 (the Gazette notice is dated June 29, 2022).

Who's affected#

• People in Canada shopping for life insurance who might see a new insurer or new products.
• Insurance brokers and agents, especially those in or near Toronto where the Canadian chief agency would be located.
• Other life insurance companies operating in Canada, because a new entrant can affect competition.
• The Superintendent of Financial Institutions, which will review the application.

If the notice is unclear: it does not say which provinces the company will sell in, what specific products it will offer, or when (if) approval will be granted.

Why it matters#

• A new licensed life insurer could increase choices for consumers and change competitive pressure in the market.
• The presence of a Canadian chief agency in Toronto means the company plans a local operational presence.
• This is an announcement of an application, not an approval — the company cannot insure Canadians until regulators approve the request.