Allianz Seeks Release of Canadian Assets

Summary#

Allianz Life Insurance Company of North America says it will ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada. People who are policyholders or creditors and who object can file an opposition by July 15, 2024.

What it does#

• Announces an intended application, on or after July 15, 2024, for an order under the Insurance Companies Act (Canada) to authorize the release of assets that Allianz maintains in Canada.
• Invites any policyholder or creditor of Allianz’s Canadian insurance business who opposes the release to file an opposition by mail or email:
  • Mail: Office of the Superintendent of Financial Institutions (Canada), 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 with claims against Allianz’s insurance business in Canada.
• It is unclear from the notice whether other parties (for example, beneficiaries, brokers, or provincial regulators) would be directly affected.

Why it matters#

• If the requested order is granted, Allianz could remove or otherwise release the assets it currently holds in Canada.
• That could change where funds are held and how easily policyholders or creditors can access assets tied to Allianz’s Canadian insurance business.
• The notice gives affected people until July 15, 2024 to file an objection; the application itself is not a final decision.