Bank, Trust, Insurance and Pension Notices

Summary#

The Canada Gazette (Part I) published a set of miscellaneous notices on March 23, 2024. They announce: the Bank for International Settlements plans to seek exemption from foreign‑bank status; Olympia Trust Company and Scotia General Insurance Company plan to seek continuance under federal law; and TELUS Health posted a final‑claims notice for the terminated Pension Plan for Employees of the Northern Transportation Company Limited.

What it does#

• Bank for International Settlements: says it will apply to the Minister of Finance for an order under the Bank Act to exempt it from being treated as a “foreign bank” in Canada.
• Olympia Trust Company: intends to apply for letters patent to continue as a federally regulated trust company under the Trust and Loan Companies Act (Canada). Anyone who objects may send a written objection to the Office of the Superintendent of Financial Institutions by May 6, 2024 (postal address: 255 Albert Street, Ottawa, Ontario K1A 0H2; email: approvals-approbations@osfi-bsif.gc.ca).
• Scotia General Insurance Company: intends to ask the Minister of Finance, on or after April 15, 2024, for approval to apply under the Canada Business Corporations Act for continuance as a CBCA corporation. The company’s board could withdraw that application before the Minister acts.
• TELUS Health (administrator): announces the Pension Plan for Employees of the Northern Transportation Company Limited was terminated as of March 31, 2020 and that plan assets will be distributed. People who believe they have pension benefits or rights as of that date must submit claims by April 12, 2024 to:
  • Attn: Northern Transportation Company Limited
    895 Don Mills Road, Suite 100, Toronto, Ontario M3C 1W3
    Contact: Rose Valentino, phone 437‑703‑9467, email rosephine.valentino@telushealth.com.
  • The plan’s OSFI registration number is 55775.

Who's affected#

• The primary parties named in the notices:
  • Bank for International Settlements and federal financial regulators. The notice does not specify particular Canadian customers or services that would change.
  • Olympia Trust Company and anyone who wants to object to its proposed federal continuance (objections due May 6, 2024).
  • Scotia General Insurance Company, its board and its sole shareholder (and potentially policyholders), though no immediate operational change is described.
  • Former employees of Northern Transportation Company Limited and former NorTerra Inc. employees who were members of the NTCL Plan. Those who think they have unpaid pension rights and who have not been contacted must file a claim by April 12, 2024.
• If the notices are unclear about particular impacts, this summary notes that the notices themselves do not spell out downstream effects (for example, which customers or contracts might be affected).

Why it matters#

• Changes in corporate or banking status can change which federal rules and regulators apply. The Gazette notices are the public step that starts those official processes.
• For the two continuances (Olympia Trust Company, Scotia General Insurance Company), interested parties get formal notice and short windows to object or follow developments.
• For the pension item, there is a concrete deadline (April 12, 2024) to submit claims. Anyone who believes they have pension rights from the NTCL Plan should contact the listed administrator right away or risk missing the opportunity to claim plan assets.