Indemnity National Insurance to Seek Canadian Branch

Summary#

Indemnity National Insurance Company, a property and casualty insurer incorporated in Mississippi, has given notice that it plans to apply to set up a Canadian branch to write insurance in Canada. The company dated the notice September 23, 2023 and says it will file the application on or after October 30, 2023.

What it does#

• Files an application under section 574 of the Insurance Companies Act with the Superintendent of Financial Institutions to be allowed to insure risks in Canada.
• Intends to operate in Canada under the English name Indemnity National Insurance Company and the French name Société d’assurance indemnité nationale.
• Plans to insure property, casualty and surety risks in Canada.
• Lists its head office in Jackson, Mississippi (United States) and a planned Canadian chief agency in Toronto, Ontario.
• The notice was submitted by its solicitors, Dentons Canada LLP.

Who's affected#

• People and businesses in Canada who buy or broker property, casualty, or surety insurance may see a new insurer as an option if the application is approved.
• Insurance brokers, agents and competing insurers could notice a new market participant.
• The federal regulator, represented here by the Superintendent of Financial Institutions, will review the application.

Why it matters#

• If approved, this could add another company offering property, casualty and surety coverage in Canada, which may increase choice for buyers and brokers.
• The application is not an approval — the company still needs the regulator’s permission before it can operate. The notice gives a clear filing timeline but does not say how long approval might take.