Alan CA continuance and trust company amalgamation

Summary#

This notice lists two corporate filings announced in the Canada Gazette.
One is that Alan CA Inc. plans to continue as a Canadian life insurer under the Insurance Companies Act (Canada). The other is a planned merger (amalgamation) of MD Private Trust Company with The Bank of Nova Scotia Trust Company under the Trust and Loan Companies Act (Canada).

What it does#

• Alan CA Inc.

  • Intends to apply for letters patent to continue under the Insurance Companies Act (Canada) as a life insurer.
  • Would operate in the classes of accident and sickness insurance and life insurance.
  • Says its head office is in Toronto and that it is a subsidiary of Alan SA (a French company).
  • People who object can write to the Office of the Superintendent of Financial Institutions (255 Albert Street, 12th Floor, Ottawa) on or before January 9, 2024.
  • The notice says publication does not mean the continuance will be approved — approval depends on the normal review and the Minister of Finance.

• MD Private Trust Company and The Bank of Nova Scotia Trust Company

  • Intend to make a joint application for letters patent of amalgamation under the Trust and Loan Companies Act (Canada).
  • The combined company would continue under the name The Bank of Nova Scotia Trust Company (English) and La Société de Fiducie Banque de Nouvelle-Écosse (French).
  • The joint application would be made on or after December 18, 2023.
  • The proposed effective date of the amalgamation is May 1, 2024 (or another date set in the letters patent).
  • The notice also warns that publication is not proof the letters patent will be issued; approval is subject to review and the Minister’s decision.

Who's affected#

• For Alan CA Inc.

  • People looking for or holding accident, sickness, or life insurance who might encounter a new insurer in Canada.
  • Employees, agents, or partners of Alan CA Inc. and its parent Alan SA.
  • The federal regulator Office of the Superintendent of Financial Institutions and the Minister of Finance, because they will review the application.

• For the trust company amalgamation

  • Customers and account-holders of MD Private Trust Company and The Bank of Nova Scotia Trust Company.
  • Employees and managers of both trust companies.
  • The federal regulator and the Minister of Finance, who will review the amalgamation.

• If it is unclear who exactly will see changed contracts, products, or services, the notices do not provide those details.

Why it matters#

• A continuance for Alan CA Inc. would let a subsidiary of a French firm operate as a Canadian life and accident/sickness insurer. That could mean a new insurer offering products or services in the Canadian market.
• The planned amalgamation would consolidate two trust companies into one corporate entity. That can affect where customer accounts are managed, who provides trust services, and how those services are organized.
• Both notices include a formal opportunity for regulatory review (and for the public to object in the Alan CA Inc. case). Publication alone is not approval — these steps still need to clear federal review before they take effect.