Allianz to apply to release Canadian assets

Summary#

Allianz Life Insurance Company of North America says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). Anyone who is a policyholder or creditor and objects must file an opposition by July 15, 2024 (by mail or email).

What it does#

• States that Allianz Life Insurance Company of North America intends to apply on or after July 15, 2024 for an order to release the assets it maintains in Canada under the Insurance Companies Act (Canada).
• Invites any policyholder or creditor who opposes that release to file an objection with the Office of the Superintendent of Financial Institutions (Canada) by mail (Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2) or by email (approvals-approbations@osfi-bsif.gc.ca) on or before July 15, 2024.

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America who have insurance contracts tied to assets held in Canada.
• Creditors of Allianz Life Insurance Company of North America with claims related to its Canadian operations.
• It is not clear from the notice whether other parties would be affected.

Why it matters#

• Assets held in Canada can support a company’s ability to pay Canadian policy claims and meet creditor obligations. This notice signals a move to change how those assets are held or controlled.
• The notice gives a clear deadline — July 15, 2024 — for anyone who wants to formally oppose the proposed release of assets. If you are a policyholder or creditor and concerned, you should consider filing an objection by that date.