Bank One Name Change; Tokio Marine Insurer Application

Summary#

Two short notices appeared in the Canada Gazette.
One says Bank One Canada intends to change its corporate law status and use the proposed name B-One Canada Corporation on or after November 21, 2020. The other says Tokio Marine & Nichido Fire Insurance Co., Ltd. plans to apply to create a Canadian property-and-casualty insurer to operate as Tokio Marine Canada Ltd. / Tokio Maritime Canada ltée with a Toronto head office, and lists an objections deadline of January 21, 2020 (the source’s dates appear inconsistent with the publication date).

What it does#

• Bank One Canada intends to apply for approval to continue as a corporation under the Canada Business Corporations Act and to adopt the new name B-One Canada Corporation. This is a change in corporate status/name, not a description of service changes.
• Tokio Marine & Nichido Fire Insurance Co., Ltd. intends to apply under the Insurance Companies Act to incorporate a Canadian insurer that would write specialty and other lines of property and casualty insurance.
  • The proposed legal operating names are Tokio Marine Canada Ltd. (English) and Tokio Maritime Canada ltée (French).
  • The proposed head office is in Toronto.
  • The notice gives an objections address at the Office of the Superintendent of Financial Institutions and an objections deadline of January 21, 2020 (as published).

Who's affected#

• Customers, creditors, employees, and service partners of Bank One Canada may notice administrative or paperwork changes if the continuance and name change go ahead.
• Insurance brokers, policyholders, competitors, and commercial clients who deal in specialty property-and-casualty lines may be affected if Tokio Marine & Nichido Fire Insurance Co., Ltd. establishes the Canadian insurer.
• The federal regulator, the Office of the Superintendent of Financial Institutions, and the Minister of Finance are the officials named to receive the applications or objections.
• It is unclear from the notice whether there will be any immediate change to services or coverage for customers.

Why it matters#

• A continuance and name change for Bank One Canada is mainly an administrative/legal shift, but it can affect contracts, filings, and how the company is listed or referenced in legal and financial records.
• A new Canadian insurer from Tokio Marine & Nichido Fire Insurance Co., Ltd. could increase competition in specialty and property-and-casualty markets, which may influence pricing, availability, or choice for businesses and brokers.
• The notices include a public objection process for the insurance incorporation. However, the dates in the published notice look inconsistent with the publication date; that makes the objection deadline and timing unclear from this notice alone.