Safety National seeks to release Canadian assets

Summary#

Safety National Casualty Corporation says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under section 651 of the Insurance Companies Act (Canada). The company set June 2, 2025 as the date by which people with claims or other objections must file an opposition.

What it does#

• Asks the federal regulator, the Office of the Superintendent of Financial Institutions (Canada), for an order allowing Safety National Casualty Corporation to remove or release the assets it maintains in Canada under the Insurance Companies Act (Canada).
• Invites any policyholder or creditor with an objection to file an opposition by June 2, 2025. Oppositions can be sent by mail to the Regulatory Affairs Directorate at 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Safety National Casualty Corporation who have active insurance policies in Canada.
• Creditors who have claims against Safety National Casualty Corporation related to its Canadian insurance business.
• It is not clear from the notice whether other businesses, regulators, or third parties will be affected.

Why it matters#

• If the regulator approves the request, assets that currently sit in Canada to back insurance obligations could be moved or released. That can change how easily claims are paid or how quickly money is available to Canadian policyholders and creditors.
• Affected people have a limited window to object: opposition must arrive by June 2, 2025. The notice is a formal step; it does not say whether the regulator has already decided.