Alan CA Inc. seeks federal insurance continuance
Canada Gazette, Part I, Volume 157, Number 48: MISCELLANEOUS NOTICES
Alan CA Inc. intends to apply to the Minister of Finance to continue as a federally regulated life insurer under the Insurance Companies Act (Canada), authorized to carry on accident and sickness and life insurance. Written objections can be sent to the Office of the Superintendent of Financial Institutions (OSFI) on or before 2024-01-09.
- Published
- December 2, 2023
- Department
- Unavailable
- Section
- ALAN CA INC.
- Comment deadline
- January 9, 2024
- Effective date
- Unavailable
- Publication part
- Part I
Summary
Summary#
Alan CA Inc. says it will apply to the Minister of Finance to continue as a federally regulated life insurance company under the Insurance Companies Act (Canada). If approved, it would operate in the accident and sickness and life insurance classes. Objections must be sent to the Office of the Superintendent of Financial Institutions by January 9, 2024.
What it does#
- Asks permission to change from an Ontario corporation to a federally regulated insurance company under the Insurance Companies Act (Canada).
- Would be authorized to carry on:
- accident and sickness insurance, and
- life insurance.
- Confirms the company’s head office is in Toronto and that it is a subsidiary of Alan SA (a French company).
- Gives a deadline and address for objections: written objections to the Office of the Superintendent of Financial Institutions, 255 Albert Street, 12th Floor, Ottawa, Ontario K1A 0H2, on or before January 9, 2024.
- Notes that publishing the notice does not mean the continuance will be approved; the decision is subject to review and the Minister’s discretion.
Who's affected#
- Customers and potential customers in Canada who might buy life or accident-and-sickness insurance from Alan CA Inc..
- Employees and agents of Alan CA Inc. and its parent, Alan SA.
- Other insurers and brokers who compete or partner with life insurance companies in Canada.
- Regulators and people who want to object (they must send written objections by January 9, 2024).
- If anything is unclear about who will be affected, the notice itself does not give further detail.
Why it matters#
- If approved, another company with a foreign parent would become a federally regulated life insurer in Canada. That can affect options and pricing in the market.
- Policyholders and people shopping for life or accident-and-sickness insurance may see new products or service arrangements.
- The public should note the January 9, 2024 deadline for filing objections and that the notice is not the same as final approval.
Key topics
Source: Canada Gazette