CAA Insurance to Seek Federal Continuance

Summary#

CAA Insurance Company says it plans to switch its legal home from Ontario law to the federal Insurance Companies Act (Canada) by applying for letters patent to the Minister of Finance. People who object can send written notice to the Office of the Superintendent of Financial Institutions by November 24, 2020. The notice itself does not mean the change will be approved.

What it does#

• The company, currently incorporated under the Corporations Act (Ontario), intends to apply for letters patent to be continued under the Insurance Companies Act (Canada).
• That application starts a federal review process and gives interested parties a chance to object.
• Objections must be sent in writing to the Office of the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2, on or before November 24, 2020.

Who's affected#

• People or groups who care about the company’s legal status — for example, policyholders, creditors, employees, agents, or others with a stake in CAA Insurance Company — may want to pay attention.
• Any person who objects to the proposed continuance can file an objection by the deadline above.

Why it matters#

• If approved, the company’s governing law would move from provincial to federal insurance law. That can change which rules and regulators apply, and how the company is supervised.
• For most customers nothing will change right away, but the shift could affect long-term oversight, reporting, or regulatory safeguards.
• The notice is informative only; approval is not guaranteed and depends on the federal review.