Bank Office Moves and Insurance Notices

Summary#

This page collects several short administrative notices published August 5, 2023 about banks and insurance companies. It records office address changes for two banks, planned applications to set up or authorize insurance operations in Canada, and proposed transfers of insurance liabilities from two insurers to another company.

What it does#

• Comerica Bank notified that it moved the designated office for service of enforcement notices to a new Toronto address on May 8, 2023. This affects where certain legal notices are served under the rules that implement the Bank Act (Canada), specifically the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations.

• Natixis Canada Branch designated an office in Ontario for service of enforcement notices at 181 Bay Street, Suite 2915, Toronto, Ontario M5J 2T3.

• Markel International Insurance Company Limited says it intends to file an application under the Insurance Companies Act (Canada) on or after September 5, 2023 to insure risks in Canada. The classes named include accident and sickness, boiler and machinery, fidelity, legal expenses, liability, property and surety. Its head office is in London and its planned Canadian chief agency will be in Toronto.

• Portfolio Stewards Inc. (with Stewardship Alternative Income Fund and individuals Paul Tyers and Peggy Tyers) plans to apply on or after September 26, 2023 for letters patent to incorporate a life insurance company to operate in Canada under the name Insurance Stewards Inc. Any written objections to that proposed incorporation must be sent to the Superintendent of Financial Institutions on or before September 26, 2023.

• Royal & Sun Alliance Insurance Company of Canada intends to apply to the Minister of Finance on or after September 5, 2023 for approval to transfer, on an assumption basis, most of its policy liabilities to Intact Insurance Company in three separate tranches:

  • personal and commercial automobile policies outside Ontario;
  • personal and commercial automobile policies in Ontario;
  • other personal and commercial property, casualty and specialty lines (excluding automobile and travel).
  • Copies of each proposed agreement are available for inspection at RSA Canada’s Toronto head office for 30 days after publication.

• Western Assurance Company likewise intends to apply on or after September 5, 2023 to have Intact Insurance Company assume all of its policy liabilities. A copy of the proposed agreement is available for inspection at Western Assurance’s Toronto head office for 30 days after publication.

Who's affected#

• People who need to serve or receive enforcement notices from Comerica Bank or Natixis Canada Branch, because those notices must now be sent to the newly designated offices.

• Policyholders of Royal & Sun Alliance Insurance Company of Canada and Western Assurance Company, because if the proposed assumption reinsurance transactions are approved, Intact Insurance Company would become responsible for those policy liabilities.

• Investors, customers, or potential customers of Markel International Insurance Company Limited and the planned Insurance Stewards Inc., since those notices signal intended entry or expansion in the Canadian insurance market.

• Anyone who wants to inspect the proposed reinsurance agreements can do so at the insurers’ Toronto head office during the 30-day inspection period after publication. People who wish to object to the proposed incorporation of Insurance Stewards Inc. must do so in writing by September 26, 2023.

Why it matters#

• A bank’s designated office for enforcement notices determines where legal and support-related documents must be delivered. Moving that office can change who receives and responds to those documents, and may affect timing and logistics for people dealing with enforcement or support orders.

• If the assumption reinsurance transactions are approved, policyholders of RSA Canada and Western Assurance would deal with Intact Insurance Company for claims and policy administration on the affected lines. That can affect who pays claims and how policies are handled, so affected customers may want to review communications from their insurer or request the proposed agreements.

• Notices about new insurers or foreign insurers seeking authority in Canada (like Markel International Insurance Company Limited and Insurance Stewards Inc.) indicate potential new products, competition, or market changes in the insurance sector.

• Many of these items are notices of intent or planned filings, not final approvals. The relevant applications still require regulatory review and, for some items, a formal decision by the Minister or Superintendent before any legal change takes effect.