Wilton Re Seeks Permission to Release Assets

Summary#

Wilton Re (Canada) Limited says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release assets it holds in Canada under the Insurance Companies Act (Canada). People with policies or who are creditors have until May 8, 2023 to file an objection.

What it does#

• Wilton Re (Canada) Limited intends to ask the regulator for an order allowing the company to release assets it maintains in Canada (under section 651 of the Insurance Companies Act (Canada)).
• The notice invites any policyholder or creditor of Wilton Re’s insurance business in Canada to file an opposition by mail or email on or before May 8, 2023.
• Objections can be sent to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email at approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Wilton Re (Canada) Limited in Canada.
• Creditors who have claims against Wilton Re (Canada) Limited’s insurance business in Canada.
• If it’s unclear whether you are affected, the notice does not provide more detail; those unsure may want to check with the company or the regulator.

Why it matters#

• Releasing assets could change how funds held in Canada are used or distributed. The notice does not explain the exact effects.
• If you have a policy or a claim, you may lose certain protections or have less access to Canadian-held assets unless you file an objection by May 8, 2023.
• This is a formal step in a regulatory process. The regulator will consider any objections before deciding whether to allow the asset release.