CorePointe asset release and Quebec continuance

Summary#

Two short notices were published in the Canada Gazette on March 29, 2025 about two insurance companies.

• CorePointe Insurance Company plans to ask the federal regulator for permission to release the assets it holds in Canada and is inviting objections by April 28, 2025.
• Quebec Assurance Company plans to ask the federal Minister of Finance for permission to become a corporation under the Canada Business Corporations Act on or after April 7, 2025.

What it does#

• CorePointe Insurance Company: says it will apply under the Insurance Companies Act for an order allowing the release of assets it maintains in Canada. Policyholders or creditors who oppose that release can file an opposition by mail or email on or before April 28, 2025 to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi‑bsif.gc.ca.
• Quebec Assurance Company: says it will ask the Minister of Finance (Canada) for approval to apply to continue as a corporation under the Canada Business Corporations Act on or after April 7, 2025. The company’s board can withdraw that application before it is acted on. The notice also says publication does not mean approval has been granted.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company in Canada are the most directly affected group because the notice concerns the company’s Canadian assets.
• Quebec Assurance Company and its shareholder(s) are the primary parties named in the second notice. It is not clear from the notice whether customers, creditors, or others would see immediate effects if the continuance is approved.

Why it matters#

• If CorePointe is allowed to release its Canadian assets, that could change where and how money or property used to support Canadian insurance policies is held. People with policies or claims should be aware of the opportunity to object by April 28, 2025.
• If Quebec Assurance Company moves to the Canada Business Corporations Act, its legal status and some corporate rules would change. That can affect governance, reporting, and the legal framework that governs the company, though the notice does not say what practical changes (if any) customers or creditors would see.