Safety National to Seek Release of Canadian Assets

Summary#

Safety National Casualty Corporation says it will ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 651 of the Insurance Companies Act. Anyone who is a policyholder or a creditor of Safety National’s Canadian insurance business can oppose this plan until June 2, 2025.

What it does#

• Announces that Safety National Casualty Corporation intends to apply on or after June 2, 2025 for an order allowing the release of assets it maintains in Canada under the Insurance Companies Act.
• Invites any policyholder or creditor of Safety National’s insurance business in Canada to file an opposition with the regulator. Oppositions can be sent by mail to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• The notice is signed by Dentons Canada LLP as solicitors for Safety National.

Who's affected#

• Policyholders of Safety National Casualty Corporation who have coverage or claims under its Canadian insurance business.
• Creditors with claims against Safety National Casualty Corporation in Canada.
• It is not clear from the notice whether any other parties (such as reinsurers or third-party claimants) are directly affected.

Why it matters#

• If the regulator approves the release, the assets that Safety National keeps in Canada could be removed or redistributed. That can change how easily Canadian policyholders or creditors can access money to pay claims or satisfy debts.
• The notice gives affected people a clear chance to object, but they must act by June 2, 2025 and send their opposition to the regulator.