CorePointe asset release; Quebec Assurance continuance

Summary#

• CorePointe Insurance Company plans to ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada. That application is set to be made on or after April 28, 2025, and people who think they would be harmed can oppose it by April 28, 2025.
• Quebec Assurance Company plans to ask the Minister of Finance (Canada) for approval to switch its corporate status so it can continue under the Canada Business Corporations Act. That step is planned on or after April 7, 2025.

What it does#

• CorePointe notice:
  • Tells regulators it will apply under section 651 of the Insurance Companies Act for an order to release the assets the company keeps in Canada.
  • Invites any policyholder or creditor who opposes that release to file an opposition with Office of the Superintendent of Financial Institutions (Canada) by April 28, 2025. The notice gives a mailing address and an email contact for objections.
• Quebec Assurance notice:
  • Says the company will ask the Minister of Finance (Canada) for permission to apply to continue as a corporation under the Canada Business Corporations Act starting on or after April 7, 2025.
  • Notes the company’s board can withdraw the continuance application before it is acted on. The notice also says publication does not mean approval is guaranteed.

Who's affected#

• People most likely to notice:
  • Policyholders and creditors of CorePointe Insurance Company in Canada. They are specifically invited to object if they oppose the asset release.
  • The board, sole shareholder, and business partners of Quebec Assurance Company, since the company is seeking to change its corporate regime.
• Regulators involved:
  • Office of the Superintendent of Financial Institutions (Canada) for the CorePointe matter.
  • Minister of Finance (Canada) for the Quebec Assurance continuance.
• If it’s unclear who else is affected, the notices do not spell that out.

Why it matters#

• The CorePointe notice starts a formal step that could lead to the company’s Canadian assets being released. That could matter to anyone who has a claim on those assets, because the notice gives them a chance to oppose.
• The Quebec Assurance notice signals a planned move to federal corporate law under the Canada Business Corporations Act, which can change which rules and oversight the company follows. The approval is not automatic and will depend on regulatory review.