Wilton Re Seeks Release Of Canadian Assets

Summary#

Wilton Re (Canada) Limited says it will ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). People who are policyholders or creditors and who oppose this can file an objection by May 8, 2023. The notice was signed on March 25, 2023.

What it does#

• Tells the public that Wilton Re (Canada) Limited intends to apply for an order allowing it to release assets kept in Canada.
• Invites any policyholder or creditor who opposes that release to submit an opposition by May 8, 2023.
• Gives ways to file an opposition: by mail to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Wilton Re (Canada) Limited.
• Creditors of Wilton Re (Canada) Limited.
• It is not stated whether other companies or the wider public are directly affected.

Why it matters#

• If the superintendent allows the release, the assets that the company keeps in Canada could be moved or used in ways that change the financial position available to pay claims or debts.
• Policyholders and creditors who are concerned have a limited window to object — until May 8, 2023.
• This notice is an announcement of an application. It does not say the release has been approved.