Allianz to apply to release assets in Canada

Summary#

Allianz Life Insurance Company of North America 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 (Canada). Policyholders or creditors who object must file opposition by July 15, 2024.

What it does#

• Allianz Life Insurance Company of North America intends to apply on or after July 15, 2024 for an order allowing it to release assets it maintains in Canada under section 651 of the Insurance Companies Act (Canada).
• The notice invites any policyholder or creditor of Allianz’s Canadian insurance business to file an opposition with the Office of the Superintendent of Financial Institutions (Canada) by mail or email on or before July 15, 2024.
  • Mail: Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America in Canada.
• Creditors who have claims against Allianz’s Canadian insurance business.
• It is not clear from the notice whether or how many individual customers or creditors will be directly affected.

Why it matters#

• Releasing assets held in Canada could change where the money that supports policies and claims is kept. That can matter for how claims would be paid and for the legal protections around those assets.
• Affected policyholders and creditors have a limited window (until July 15, 2024) to object if they want the regulator to consider opposing the release.