Pacific Life Re to seek release of assets

Summary#

PACIFIC LIFE RE LIMITED says it will ask the Office of the Superintendent of Financial Institutions (Canada) to allow it to release the assets it currently keeps in Canada under section 651 of the Insurance Companies Act. The company plans to apply on August 3, 2023, and policyholders or creditors can file an opposition with OSFI by that same date.

What it does#

• Asks the federal regulator for permission to release assets that PACIFIC LIFE RE LIMITED maintains in Canada under section 651 of the Insurance Companies Act.
• Invites any policyholder or creditor of the company’s Canadian insurance business to file an opposition by August 3, 2023.
• Oppositions can be sent by mail to Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• The notice does not explain why the company wants the release or what would happen if the regulator approves it.

Who's affected#

• Policyholders of PACIFIC LIFE RE LIMITED whose policies are part of its insurance business in Canada.
• Creditors of that Canadian insurance business.
• It is unclear from the notice whether other groups (for example, beneficiaries or Canadian business partners) would be affected.

Why it matters#

• If the regulator allows the release, assets now held in Canada could be moved or used differently, which could affect how easily claims are paid or how creditors are repaid.
• This is an application, not a decision — the Superintendent will decide whether to allow the release.
• Anyone who thinks they would be harmed should consider filing an opposition by August 3, 2023 using the contact details above.