AXA Equitable Seeks Release of Canadian Assets

Summary#

Equitable Financial Life Insurance Company, operating in Canada as AXA Equitable Life Insurance Company, says it will ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release assets it keeps in Canada under section 651 of the Insurance Companies Act (Canada). Policyholders or creditors who object were invited to file an opposition by May 2, 2022.

What it does#

• The company plans to apply to the Superintendent for an order allowing the release of assets it maintains in Canada. The application is to be made on or after May 2, 2022.
• It cites section 651 of the Insurance Companies Act (Canada) as the legal basis for the request.
• Any policyholder or creditor of the company’s Canadian insurance business may file an opposition by mail to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email at approvalsandprecedents@osfi‑bsif.gc.ca, on or before May 2, 2022.
• The notice in the Gazette is signed by the company’s solicitors, Stikeman Elliott LLP (dated March 19, 2022).

Who's affected#

• Policyholders of AXA Equitable Life Insurance Company in Canada.
• Creditors with claims against the company’s Canadian insurance business.
• It is unclear from the notice whether any specific groups beyond these are affected.

Why it matters#

• If the Superintendent approves the request, the company would be allowed to release the assets it keeps in Canada. That could change how funds that back policies or claims are handled.
• Policyholders or creditors who are concerned about access to funds or the security of their claims might want to consider filing an opposition by the May 2, 2022 deadline.