Europ Assistance to Open Canadian Branch

Summary#

This notice says that Europ Assistance S.A. (a French insurance company) intends to apply to open a Canadian branch. The company plans to file under the Insurance Companies Act with the Superintendent of Financial Institutions on or after February 21, 2022 to ask permission to sell certain types of insurance in Canada.

What it does#

• Announces an upcoming application by Europ Assistance S.A. to establish a Canadian branch under section 574 of the Insurance Companies Act.
• The branch would use the English name Europ Assistance S.A. Canada Branch and the French name Europ Assistance S.A. succursale au Canada.
• The company says it intends to insure property, liability, accident and sickness, and automobile risks in Canada if approved.
• The insurer’s global head office is in Paris, and its planned Canadian chief agency would be in Toronto, Ontario.
• The company’s ultimate parent is Assicurazioni Generali S.p.A. (based in Italy).

Who's affected#

• People and businesses who buy property, liability, accident and sickness, or automobile insurance in Canada.
• Insurance brokers and agents who place or offer those kinds of policies.
• Competitors and other insurers in the Canadian market.
• The federal regulator, the Superintendent of Financial Institutions, who will review the application.

If and when the application is approved is not stated in the notice.

Why it matters#

• If approved, Canadians could get another option for property, auto, liability, and accident/sickness coverage.
• A foreign insurer with a large international parent could bring different products or service models to the Canadian market.
• The application triggers a federal regulatory review, which decides whether the company meets Canada’s rules for foreign insurance branches.