Pacific Life Re asset release

Summary#

PACIFIC LIFE RE LIMITED has given notice that it will apply on August 3, 2023 for permission under the Insurance Companies Act (Canada) to release assets it holds in Canada. The notice was published in the Canada Gazette on July 15, 2023 and invites policyholders and creditors to object by August 3, 2023.

What it does#

• The company will ask the Superintendent of Financial Institutions (Canada) for an order allowing the release of assets that PACIFIC LIFE RE LIMITED keeps in Canada.
• People who disagree can 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 at approvals-approbations@osfi-bsif.gc.ca on or before August 3, 2023.
• The notice is signed by Sarah Cheng, Chief Agent, on June 22, 2023.

Who's affected#

• Policyholders of PACIFIC LIFE RE LIMITED’s insurance business in Canada.
• Creditors of PACIFIC LIFE RE LIMITED with claims related to its Canadian operations.
• It is not clear from the notice whether other groups (for example, reinsurers, beneficiaries, or regulators beyond OSFI) would be directly affected.

Why it matters#

• If the Superintendent allows the release, PACIFIC LIFE RE LIMITED could move or change how the assets it holds in Canada are handled.
• That could affect the pool of money available to pay claims or satisfy creditors, so anyone with a policy or a financial claim against the company may want to review the notice and consider filing an objection by August 3, 2023.
• The notice does not explain exactly what the release would involve, so the precise consequences are uncertain.