Alan CA continuance and Scotiabank trust merger

Summary#

Two corporate notices published in the Canada Gazette. One says Alan CA Inc. plans to change its legal status so it can operate as a life insurer in Canada. The other says MD Private Trust Company and The Bank of Nova Scotia Trust Company plan to merge and continue as The Bank of Nova Scotia Trust Company if approved.

What it does#

• Alan CA Inc. intends to apply for letters patent of continuance under the Insurance Companies Act (Canada) so it can operate in Canada as a life insurance company offering accident and sickness insurance and life insurance. The company is based in Toronto and is a subsidiary of Alan SA (France). Anyone who objects can write to the Office of the Superintendent of Financial Institutions by January 9, 2024.
• MD Private Trust Company and The Bank of Nova Scotia Trust Company plan to apply for letters patent of amalgamation under the Trust and Loan Companies Act (Canada) to combine into a single company named The Bank of Nova Scotia Trust Company (French name: La Société de Fiducie Banque de Nouvelle‑Écosse). The application may be made on or after December 18, 2023, and the proposed effective date of the amalgamation is May 1, 2024.

Who's affected#

• For Alan CA Inc.: current and potential policyholders, insurance industry observers, and regulators may notice this change. The company’s head office is in Toronto.
• For the trust companies: clients of either trust company, employees, and business partners may be affected if the merger is approved. The merged company would have its head office in Toronto.
• If it’s unclear who will be directly affected by a specific change, the notices say the government review and the Minister of Finance will decide whether to grant the requested letters patent.

Why it matters#

• Changing a company’s legal status or merging two trust companies can affect who manages and guarantees insurance or trust services. Customers may see changes in company name, contact points, or who regulates the firm.
• These are preliminary public notices. They do not mean the changes are final. Approval depends on government review and the decision of the Minister of Finance. If you have concerns about Alan CA Inc., you can file an objection by January 9, 2024.