Allianz seeks release of Canadian assets

Summary#

Allianz Life Insurance Company of North America plans to ask the federal regulator for permission to release the assets it keeps in Canada. The company says it will apply to the Office of the Superintendent of Financial Institutions (Canada) on or after July 15, 2024. Policyholders or creditors may file an opposition by July 15, 2024.

What it does#

• The company intends to apply to the Office of the Superintendent of Financial Institutions (Canada) on or after July 15, 2024 for an order under the Insurance Companies Act (Canada) (section 651) to authorize the release of assets it maintains in Canada.
• The notice invites any policyholder or creditor of Allianz’s Canadian insurance business to file an opposition. Oppositions must 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 on or before July 15, 2024.

Who's affected#

• Policyholders and creditors of Allianz Life Insurance Company of North America in Canada are the groups explicitly addressed by the notice.
• It is not clear from the notice whether other groups (for example, brokers or beneficiaries) would be directly affected.

Why it matters#

• If the regulator approves the release, it could change where the assets that back Allianz’s Canadian insurance obligations are held.
• That could affect how claims or creditor rights are handled, depending on what the release allows.
• The notice is a proposal to seek permission; approval is not guaranteed. The deadline to object is July 15, 2024.