CorePointe asset release; Quebec Assurance continuance

Summary#

This Canada Gazette entry contains two short notices about Canadian insurance companies. CorePointe Insurance Company plans to apply for permission to release the assets it holds in Canada, and Quebec Assurance Company plans to apply to continue as a corporation under the Canada Business Corporations Act.

What it does#

• CorePointe Insurance Company

  • Intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order allowing it to release the assets it currently maintains in Canada under the Insurance Companies Act.
  • Invites any policyholder or creditor to file an opposition by mail or email on or before April 28, 2025.

• Quebec Assurance Company

  • Intends to apply to the Minister of Finance (Canada), on or after April 7, 2025, for approval to apply for a certificate of continuance so it can become a corporation under the Canada Business Corporations Act.
  • Notes the company’s board can withdraw the application before it is acted on, and that publication of the notice does not mean approval will be granted.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company in Canada — they are specifically invited to oppose the asset release if they wish.
• Stakeholders of Quebec Assurance Company, including its sole shareholder and anyone with legal or financial ties to the company — the notice signals a planned change in corporate status.
• If it’s unclear whether you’re affected (for example, if you’re unsure whether you hold a policy or claim against these firms), the notices do not spell that out and you may need to check with the companies or a legal adviser.

Why it matters#

• A court or regulator allowing CorePointe Insurance Company to release its Canadian assets could change how easily policyholders or creditors can access those assets for claims. Interested parties have a set deadline to object.
• If Quebec Assurance Company successfully continues under the Canada Business Corporations Act, it will be governed by Canada’s federal corporate rules rather than its current regime. That can affect governance, reporting, and legal relationships, so shareholders and counterparties often pay attention.
• Both items are administrative steps that are still subject to review and approval; they do not mean the changes are final.