Wilton Re to release Canadian assets

Summary#

Wilton Re (Canada) Limited has told the federal regulator it will apply for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). The notice was published in the Canada Gazette on April 15, 2023, and the company plans to make the application on or after May 8, 2023.

What it does#

• Announces that Wilton Re (Canada) Limited intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing the company to release assets it keeps in Canada.
• Invites anyone who is a policyholder or creditor of the company’s Canadian insurance business to file an opposition by May 8, 2023. The notice gives a mailing address and an email for sending oppositions to the regulator.

Who's affected#

• Policyholders of Wilton Re (Canada) Limited in Canada.
• Creditors of the company’s Canadian insurance business.
• It is unclear from the notice whether other parties (for example, reinsurers or service providers) would be directly affected.

Why it matters#

• If the regulator approves the request, the company would be allowed to release (remove or reassign) the assets it currently holds in Canada.
• That could change how much local money is available to cover claims or debts tied to the company’s Canadian insurance operations.
• The notice gives a formal chance for affected policyholders and creditors to object before the regulator decides.