Green Shield to incorporate life insurer

Summary#

Green Shield Holdings Inc. plans to apply to incorporate a life insurance company in Canada under the Insurance Companies Act (Canada). The company says the new insurer will be based in Windsor, Ontario and is intended to give it more product and licensing flexibility for future growth and social impact.

What it does#

• Intends to file, on or after June 30, 2021, an application for the Minister of Finance to issue letters patent to create a life insurance company under the Insurance Companies Act (Canada).
• The new company’s proposed legal names are “Green Shield Canada Insurance” (English) and “Assurance Green Shield Canada” (French).
• Says the move is meant to provide additional product and licence flexibility as part of planning for future growth and to expand its social impact.
• Invites objections to be sent to the Office of the Superintendent of Financial Institutions by July 30, 2021.
• Notes that publication of the notice does not mean the letters patent will be granted; approval depends on the normal review process and the Minister’s decision.

Who's affected#

• Customers and potential customers who might buy life insurance from Green Shield Canada Insurance in future.
• Green Shield Holdings Inc. staff and partners involved in product development and licensing.
• Competing life insurers and brokers who may see a new entrant in the market.
• The federal regulator, Office of the Superintendent of Financial Institutions, which will handle the application and any objections.
• If unclear: the notice does not say exactly which existing products or customers will change now.

Why it matters#

• It could lead to new life-insurance products or options in the Canadian market from Green Shield Holdings Inc..
• More product and licensing flexibility can affect what the company offers, potentially changing choices and prices for consumers.
• The application starts a regulatory review and a short public window for objections, so the outcome is not guaranteed.