Indemnity National Seeks Canadian Branch

Summary#

Indemnity National Insurance Company (a Mississippi-based insurer) has given notice that it will apply to the Superintendent of Financial Institutions to be allowed to insure risks in Canada. The notice was published on October 7, 2023, and the company plans to file its application on or after October 30, 2023.

What it does#

• The company will apply under section 574 of the Insurance Companies Act for permission to operate in Canada.
• It intends to do business in both English and French under the names Indemnity National Insurance Company and Société d’assurance indemnité nationale.
• The firm says it is a property and casualty insurer and plans to insure property, casualty and surety risks in Canada.
• The insurer’s head office is in Jackson, Mississippi, and the planned Canadian chief agency will be in Toronto, Ontario.

Who's affected#

• People and businesses that buy property, casualty or surety insurance in Canada could see a new provider if the application is approved.
• Insurance brokers, agents, and competing insurers in the Canadian market may notice a new entrant.
• The Superintendent of Financial Institutions (the regulator) will review the application.
• The notice names Dentons Canada LLP as the company’s solicitors.

Why it matters#

• If approved, this company could add more options for people and businesses looking for property, casualty or surety coverage in Canada.
• New entrants can affect product choices, pricing, and service options in local insurance markets.
• This is a notice of intent to apply, not an approval — the regulator still has to decide whether to allow the company to operate in Canada.