Alan CA continuance and Scotia trust amalgamation

Summary#

Two corporate notices appeared in the Canada Gazette.
One says Alan CA Inc. plans to apply to continue under the Insurance Companies Act (Canada) so it can operate as a life and accident/sickness insurer in Canada. The other says MD Private Trust Company and The Bank of Nova Scotia Trust Company plan to apply to amalgamate under the Trust and Loan Companies Act (Canada), with an intended effective date of May 1, 2024.

What it does#

• Alan CA Inc.

  • Intends to apply for letters patent to continue as a federal insurer under the Insurance Companies Act (Canada).
  • Would operate in the classes of accident and sickness insurance and life insurance.
  • Says its head office is in Toronto and it is a subsidiary of Alan SA (France).
  • People can object in writing to the Office of the Superintendent of Financial Institutions on or before January 9, 2024.
  • The notice says the publication does not guarantee the letters patent will be issued; approval depends on the usual review process.

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

  • Intend to file a joint application for letters patent of amalgamation under the Trust and Loan Companies Act (Canada).
  • The merged company would be called The Bank of Nova Scotia Trust Company (English) and La Société de Fiducie Banque de Nouvelle‑Écosse (French).
  • The applicants said the head office would be in Toronto and the intended effective date is May 1, 2024 (or another date set in the letters patent).
  • The application was to be made on or after December 18, 2023.
  • The notice says publication is not proof the amalgamation will be approved.

Who's affected#

• Alan CA Inc.

  • People who buy or might buy life, accident, or sickness insurance in Canada from a new federally regulated insurer.
  • Competitors and brokers in the life insurance market.
  • The federal regulator, Office of the Superintendent of Financial Institutions.

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

  • Customers and account holders of either trust company.
  • Employees and service partners of the two trust companies.
  • Banking and trust services users who deal with The Bank of Nova Scotia Trust Company after the merger.

If anything above is unclear in the original notice, the Gazette text is the authoritative source.

Why it matters#

• A continuance under the Insurance Companies Act (Canada) would move Alan CA Inc. into the federal insurance regime. That can affect where complaints are handled and which rules apply to its products and consumer protections.
• The planned amalgamation would combine two trust companies into one. That can change account management, customer service channels, legal responsibilities, and branding for affected customers.
• Both notices are procedural steps. They do not mean approval is guaranteed; final authorization depends on federal review and any conditions set by the Minister.