CAA Insurance Continuation and Asset Release Notices

Summary#

This Canada Gazette Part I page (published October 17, 2020) posts several short notices from financial and insurance organizations. It includes a plan by CAA Insurance Company to continue under the federal insurance law, two notices that firms intend to apply to release assets held in Canada, and a listing of offices for service of enforcement notices by Raymond James Trust (Canada). Deadlines to object are November 24, 2020, November 28, 2020, and December 3, 2020, depending on the notice.

What it does#

• CAA Insurance Company says it will apply for letters patent to continue the company under the Insurance Companies Act (Canada). People can object in writing to the Office of the Superintendent of Financial Institutions by November 24, 2020. The notice says publication does not guarantee the letters patent will be granted.
• Croatian Fraternal Union of America intends to apply for an order to release the assets it holds in Canada under section 651 of the Insurance Companies Act (Canada). Policyholders or creditors opposing the release can file an opposition by November 28, 2020.
• Raymond James Trust (Canada) (formerly Oak Trust Company) lists designated offices where enforcement notices may be served in British Columbia, Alberta, Saskatchewan, and Ontario. The notice names the law firm Borden Ladner Gervais LLP for several provinces and gives an Ontario head office address.
• UBS AG Canada Branch intends to apply under subsection 599(2) of the Bank Act (Canada) to release its assets in Canada. Depositors or creditors opposing that release can file an opposition by December 3, 2020.

Who's affected#

• Policyholders and creditors of CAA Insurance Company and Croatian Fraternal Union of America in Canada — they may want to read the notices and consider whether to object.
• Depositors and creditors of UBS AG Canada Branch — they have an opportunity to oppose the planned release of Canadian assets.
• Clients, legal representatives, or enforcement officers dealing with Raymond James Trust (Canada) — the designated offices determine where enforcement notices can be served.
• If it’s unclear whether you’re affected (for example, you’re a client but not sure which entity holds your account), the notices point to the Office of the Superintendent of Financial Institutions for filing objections.

Why it matters#

• A continuation under the federal Insurance Companies Act (Canada) can change the legal regime that governs an insurer. That can affect regulatory oversight and what protections apply to policyholders.
• Releases of assets in Canada, if approved, could allow a foreign firm to remove or repatriate money or property held here. That can affect the ability of Canadian policyholders, depositors, or creditors to make claims or collect debts.
• The designation of offices for service affects where legal or enforcement documents must be delivered. That matters for timing and legal rights.
• Each notice gives specific deadlines to object. Missing a deadline could mean losing the chance to challenge the proposed action.