Transit Company Meeting; RSA Reinsurance Plan

Summary#

• This issue contains two short notices. One announces the annual meeting of The Canadian Transit Company on October 3, 2022 at 3:00 p.m..
• The other says Royal & Sun Alliance Insurance Company of Canada plans to ask the federal regulator, on or after November 22, 2022, to approve a reinsurance arrangement that would move certain Quebec personal auto and home insurance liabilities to Belair Insurance Company Inc..

What it does#

• The annual-meeting notice:

  • Sets the place and time for the shareholders’ meeting of The Canadian Transit Company at the offices of The Detroit International Bridge Company (12225 Stephens Road, Warren, Michigan) on October 3, 2022 at 3:00 p.m..
  • Says the meeting is to elect directors and handle other shareholder business.

• The reinsurance notice:

  • Says Royal & Sun Alliance Insurance Company of Canada intends to apply to the Superintendent of Financial Institutions for approval to be reinsured, on an assumption basis, by Belair Insurance Company Inc., on or after November 22, 2022.
  • Specifies the plan covers all policy liabilities for personal lines automobile and property (home) insurance sold by Johnson Inc. in the province of Quebec.
  • States a copy of the proposed assumption reinsurance agreement is available for inspection at RSA Canada’s head office in Toronto for 30 days after publication, and that policyholders can request a copy in writing.
  • Refers to the relevant federal law, the Insurance Companies Act (Canada), as the legal framework for this notice.

Who's affected#

• Shareholders of The Canadian Transit Company — they were invited to the meeting and may vote on directors and other business.
• Policyholders of Royal & Sun Alliance Insurance Company of Canada who hold personal auto or home insurance sold by Johnson Inc. in Quebec — their policies are the ones named in the proposed reinsurance.
• The federal regulator (the Superintendent of Financial Institutions) will be asked to approve the arrangement.
• It is not clear from the notice whether policy terms, premiums, or customer service will change if the reinsurance is approved. Policyholders are the best source for that information.

Why it matters#

• For shareholders, the meeting is where directors are chosen and corporate decisions can be made. The notice is a routine but necessary step to ensure shareholders know when and where to participate.
• For named policyholders in Quebec, an approved assumption reinsurance would shift the legal responsibility for those policies from one insurer to another. That can affect who handles claims or customer service, even if premiums or coverage do not change. The notice gives those policyholders a way to see the proposed agreement and get a copy if they want to review it.