North American Specialty branch; UFSC continuance

Summary#

Two short notices. The first says North American Specialty Insurance Company will apply to the Superintendent of Financial Institutions on or after February 21, 2022 to open a Canadian branch and write several types of insurance under the Insurance Companies Act. The second says UFSC Heritage Life Insurance Fraternal Society plans to apply to the Minister of Finance on or after March 15, 2022 to change its corporate status under the Canada Not‑for‑profit Corporations Act and to rename itself UFSC Heritage Life Association; objections are allowed until March 15, 2022.

What it does#

• North American Specialty Insurance Company
  • Will apply to establish a new Canadian branch so it can insure risks in classes such as property, accident and sickness, aircraft, automobile, liability, marine, surety, and others under the Insurance Companies Act.
  • Says its head office is in Kansas City, Missouri, and its Canadian chief agency would be in Toronto.
  • Intends (if approved) to move the Canadian operations that currently run through Westport Insurance Corporation’s Canadian branch into the new branch.
  • Notes a planned name change to Swiss Re Corporate Solutions America Insurance Corporation for the U.S. company and the Canadian branch, but that is subject to U.S. regulatory approval.
• UFSC Heritage Life Insurance Fraternal Society
  • Will ask the Minister of Finance for permission to continue under the Canada Not‑for‑profit Corporations Act (this is called a “certificate of continuance”).
  • Proposes to change its legal name to UFSC Heritage Life Association once that continuance takes effect.
  • Says any person may file a written objection with the Superintendent of Financial Institutions by March 15, 2022.

Who's affected#

• Customers and policyholders of companies whose Canadian operations may move from Westport Insurance Corporation to the new branch of North American Specialty Insurance Company.
• Insurance brokers, agents, and employers who place business in the listed insurance classes (property, automobile, liability, marine, etc.).
• Members, policyholders, or other stakeholders of UFSC Heritage Life Insurance Fraternal Society who may notice a change in legal status or name.
• Anyone who wants to object to the UFSC continuance can contact the Superintendent of Financial Institutions by March 15, 2022.

Why it matters#

• A new Canadian branch could change which legal entity handles certain insurance policies and claims in Canada. That can affect who you deal with for service, complaints, or payments — although any transfer still needs regulator approval.
• The possible rename to Swiss Re Corporate Solutions America Insurance Corporation signals a corporate reorganization that could matter to brokers and corporate clients tracking who underwrites coverage.
• For UFSC Heritage Life Insurance Fraternal Society, moving from federal insurance-company regulation to the Canada Not‑for‑profit Corporations Act could change governance and reporting rules that matter to members and creditors.
• Neither item is a done deal yet; both actions are applications or proposed changes and depend on official approvals.