Allianz intends to release Canadian assets

Summary#

On June 15, 2024, the Canada Gazette published a notice from Allianz Life Insurance Company of North America saying it will apply on or after July 15, 2024 for an order under the Insurance Companies Act (Canada) to authorize the release of assets it holds in Canada. Policyholders or creditors who oppose that release have until July 15, 2024 to file an objection with the Office of the Superintendent of Financial Institutions (Canada).

What it does#

• Allianz Life Insurance Company of North America intends to apply for an order under section 651 of the Insurance Companies Act (Canada) to authorize the release of assets it maintains in Canada.
• It sets a deadline for anyone who opposes the proposed release to file an opposition by July 15, 2024.
• Oppositions can be sent to the Office of the Superintendent of Financial Institutions (Canada):
  • Mail: Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America in Canada.
• Creditors of Allianz in respect of its insurance business in Canada.
• It is clear who may oppose, but the notice does not list other groups that might be affected.

Why it matters#

• If the order is granted, Allianz would be allowed to release assets it keeps in Canada. That could affect how the company's Canadian liabilities are handled.
• Policyholders and creditors who care about how Allianz’s Canadian assets are used or who think the release could harm their interests should consider filing an opposition by July 15, 2024.