BNY Trust capital reduction; Green Shield dissolution

Summary#

• BNY Trust Company of Canada says it will apply to the Superintendent of Financial Institutions (Canada) to reduce the stated capital of its common shares by up to $26.5 million, following a sole‑shareholder resolution passed on September 12, 2024. The notice does not mean the regulator has approved the change.
• The Minister of Finance approved the voluntary dissolution of Green Shield Canada on November 12, 2024, with the insurer’s business (including prepayment plans) proposed to move to Green Shield Canada Insurance and remaining property to Green Shield Association.

What it does#

• For BNY Trust Company of Canada:

  • Announces an intention to apply under the Trust and Loan Companies Act (Canada) to reduce the stated capital account for common shares by up to $26.5 million.
  • Says the company’s Chief Financial Officer will decide the exact amount to be reduced within that limit.
  • Notes the company’s directors and officers will file for the regulator’s approval and complete any needed paperwork.
  • Makes clear that publishing the notice is not the same as getting regulator approval.

• For Green Shield Canada:

  • Records that, under the Insurance Companies Act (Canada), the Minister of Finance approved letters patent to dissolve the company on November 12, 2024.
  • States the insurer proposed transferring its business, including its prepayment plans, to Green Shield Canada Insurance through an assumption reinsurance agreement.
  • States any remaining property of Green Shield Canada will be distributed to Green Shield Association.

Who's affected#

• BNY Trust Company of Canada’s sole shareholder is the obvious, direct beneficiary if the reduction is approved. The Superintendent of Financial Institutions (Canada) will be the decision‑maker on approval.
• Green Shield Canada’s policyholders who have prepayment plans are likely affected because those plans are proposed to move to Green Shield Canada Insurance.
• Green Shield Canada Insurance and Green Shield Association are named recipients of the business and leftover property, respectively.
• The notices do not spell out impacts on other customers, creditors, or third parties, so the effect on them is unclear from this publication.

Why it matters#

• The BNY Trust Company of Canada item signals a planned payout from the company’s capital to its sole shareholder if the regulator agrees. That changes the company’s capital structure and is relevant to anyone tracking the company’s ownership or financial moves.
• The Green Shield Canada item marks the end of one insurer and a planned transfer of its business. People with prepayment plans or insurance relationships with Green Shield Canada should expect their contracts to move to Green Shield Canada Insurance and watch for official communications about how claims or payments will be handled.
• In both cases, the regulator’s approval or follow‑up communications will determine the final effects; the Gazette notice records the intentions and approvals but does not provide operational details.