Green Shield Plans New Life Insurer

Summary#

This notice says that Green Shield Holdings Inc. plans to apply to create a life insurance company in Canada. The notice was published in the Canada Gazette, Part I on June 5, 2021 and explains the company’s intended filing and the deadline to object.

What it does#

• Announces an intended application under the Insurance Companies Act (Canada) to ask the Minister of Finance to issue letters patent to incorporate a life insurance company. The company intends to file the application on or after June 30, 2021.
• Says the new company’s head office would be in Windsor, Ontario.
• Gives the proposed legal operating names as “Green Shield Canada Insurance” (English) and “Assurance Green Shield Canada” (French).
• Explains the purpose: to gain more product and licence flexibility as part of planning for future growth and to expand its social impact.
• Tells people who object how to send written objections to the Office of the Superintendent of Financial Institutions (address given in the notice) on or before July 30, 2021.
• Notes that publication of the notice does not mean the letters patent will be issued; approval depends on the normal review and the Minister’s decision.

Who's affected#

• Green Shield Holdings Inc. and the new company it proposes to create.
• The federal regulator that reviews insurance incorporations: the Office of the Superintendent of Financial Institutions and the Minister of Finance.
• Anyone or any group who wants to object to the incorporation — they can submit written objections by July 30, 2021.
• It is unclear from the notice who among the public or clients will be directly affected now; any consumer impact would depend on whether the company is approved and what products it later offers.

Why it matters#

• If approved, Green Shield Canada Insurance / Assurance Green Shield Canada could start offering life insurance products, which may mean new product options or changes in the market.
• The notice gives the public a short window to raise objections before regulators decide.
• For now this is an intention and an application step, not a final approval.