Wilton Re Seeks Release of Canadian Assets

Summary#

Wilton Re (Canada) Limited says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act. The company plans to apply on or after May 8, 2023, and interested parties had until May 8, 2023 to file an opposition. This notice was published in the Canada Gazette on April 8, 2023.

What it does#

• Announces that Wilton Re (Canada) Limited intends to ask the regulator for an order allowing the company to release the assets it keeps in Canada (under section 651 of the Insurance Companies Act).
• Sets a date for the application: on or after May 8, 2023.
• Invites policyholders or creditors who oppose the release to send their objections to the Office of the Superintendent of Financial Institutions (Canada) by mail or email on or before May 8, 2023.
  • Mail: Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Wilton Re (Canada) Limited.
• Creditors of Wilton Re (Canada) Limited.
• The notice does not say whether other companies, regulators, or the general public will be affected.

Why it matters#

• If the regulator allows the asset release, those assets could be moved or used in ways that change how claims or debts tied to the company are paid. The notice does not say exactly why the company wants the release or what will happen to the assets.
• People who have policies or claims with Wilton Re (Canada) Limited may want to consider whether to file an opposition by May 8, 2023.