CorePointe Asset Release; Quebec Assurance Continuance

Summary#

This Canada Gazette entry includes two short notices about insurance companies. CorePointe Insurance Company plans to ask the federal regulator for permission to release the assets it keeps in Canada, and anyone who opposes that can file an objection by April 28, 2025. Quebec Assurance Company plans to seek approval from the Minister of Finance (Canada) to continue as a federal corporation under the Canada Business Corporations Act on or after April 7, 2025.

What it does#

• CorePointe Insurance Company says it will apply to the Superintendent of Financial Institutions for an order allowing it to release the assets it maintains in Canada under the Insurance Companies Act.
  • Policyholders or creditors who oppose that release can file an opposition by mail to 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 April 28, 2025.
  • The notice was filed by the company’s solicitors, Dentons Canada LLP.
• Quebec Assurance Company intends to apply to the Minister of Finance (Canada) for approval to seek a certificate of continuance under the Canada Business Corporations Act.
  • The company’s board may withdraw that application before it is acted on, without further approval from its sole shareholder.
  • The notice says publication does not mean approval will be granted; the Minister’s review is still required.

Who's affected#

• For CorePointe Insurance Company: current policyholders and creditors of the company in Canada are the most directly affected. They are the people who can file an opposition by April 28, 2025.
• For Quebec Assurance Company: the company itself, its sole shareholder, and its other stakeholders (for example, policyholders, creditors, or business partners) could be affected if the company’s legal status changes. The notice does not list specific additional groups.

Why it matters#

• A regulator-approved release of assets by CorePointe Insurance Company could change where the company keeps funds that back its Canadian insurance business. That could affect how claims and obligations are handled in Canada, so policyholders and creditors may want to review whether to oppose the release.
• If Quebec Assurance Company continues under the Canada Business Corporations Act, its corporate rules and where it is governed could change (federal versus its current regime). The notice is an early procedural step and does not guarantee the change will happen.