Allianz to Apply to Release Canadian Assets

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). The notice was published in the Canada Gazette on June 8, 2024. People concerned about the move can file objections by July 15, 2024.

What it does#

• Announces an intended application, on or after July 15, 2024, for an order allowing the company to release assets it maintains in Canada under the Insurance Companies Act (Canada).
• Invites any policyholder or creditor who opposes that release to file a written objection by July 15, 2024.
• Gives where to send objections: by mail to Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• Does not say the application has been approved — it is a notice that the company intends to apply.

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America who hold Canadian policies.
• Creditors with claims related to the company’s Canadian insurance business.
• Anyone else affected is not named in the notice; the text only refers to “policyholder or creditor.”

Why it matters#

• If the order is granted, the company would legally be allowed to release the assets it keeps in Canada.
• That could change where or how funds that back Canadian insurance obligations are held, which may matter to policyholders and creditors.
• The notice gives those people a formal chance to object before the regulator considers the application.