Wilton Re to Release Canadian Assets

Summary#

Wilton Re (Canada) Limited says it will apply to the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). The company plans to apply on or after May 8, 2023, and anyone who opposes that move can file an objection with the regulator by that date.

What it does#

• Tells the public that Wilton Re (Canada) Limited intends to ask the regulator for an order allowing it to release (remove or otherwise dispose of) the assets it keeps in Canada.
• Invites policyholders or creditors who object to file an opposition with the regulator:
  • By mail to Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2.
  • Or by email to approvals-approbations@osfi-bsif.gc.ca.
• Sets the deadline to file an opposition as May 8, 2023.

Who's affected#

• People who hold insurance policies with Wilton Re (Canada) Limited.
• Creditors who have claims against Wilton Re (Canada) Limited’s Canadian insurance business.
• It is unclear from the notice whether any other groups (for example, brokers, reinsurers, or provincial regulators) are directly affected.

Why it matters#

• If the regulator allows the release, the company could move or dispose of assets it currently keeps in Canada. That could change how easy it is for policyholders and creditors to make or collect claims against the company.
• The notice gives those stakeholders a single formal chance (until May 8, 2023) to oppose the plan. If you think you might be affected, this is the deadline to tell the regulator.