MD Life and Scotia Life to Merge

Summary#

Notice that MD Life Insurance Company and Scotia Life Insurance Company plan to apply to the Minister of Finance under the Insurance Companies Act (Canada) to merge into a single company called MD Life Insurance Company (French: Société d’Assurance Vie MD). The application is to be made on or after July 1, 2024, and the proposed effective date is November 1, 2024; publication of the notice does not mean the merger is approved.

What it does#

• The two firms will file for letters patent of amalgamation under the Insurance Companies Act (Canada) to continue as one legal company.
• The merged company would use the name MD Life Insurance Company in English and Société d’Assurance Vie MD in French.
• The head office of the new company would be in Toronto, Ontario.
• The intended effective date is November 1, 2024, or another date set in the letters patent.
• The notice is a public announcement only. Any letters patent (approval) still depend on the normal review process and the discretion of the Minister of Finance.

Who's affected#

• Customers and policyholders of MD Life Insurance Company and Scotia Life Insurance Company.
• Insurance agents, brokers, and financial advisers who work with either company.
• Employees and business partners of the two firms.
• Regulators and others tracking industry consolidation.
• It is not clear from the notice whether individual policies, premiums, or claim processes will change.

Why it matters#

• Merging two insurers can change how customers deal with the company (branding, customer service, contact points).
• It could affect where decisions are made if administrative functions are consolidated in Toronto, Ontario.
• For policyholders, the main practical concerns are whether contact details, who manages claims, or policy terms change — the notice does not say.
• The public announcement gives interested people and regulators advance notice, but it does not mean the merger will definitely happen.