MD Life and Scotia Life Amalgamation

Summary#

A planned merger (amalgamation) has been announced between MD Life Insurance Company and Scotia Life Insurance Company. The two companies say they will apply to the federal government on or after July 1, 2024 to combine into a single company, with the merger proposed to take effect on November 1, 2024 if approved.

What it does#

• The companies will ask under the Insurance Companies Act (Canada) for letters patent to continue as one company.
• The merged company would keep the English name MD Life Insurance Company and the French name Société d’Assurance Vie MD.
• The head office of the combined company would be in Toronto, Ontario.
• The filing is an intended application. The merger only happens if the Minister of Finance approves the letters patent after the usual review.

Who's affected#

• Customers and policyholders of MD Life Insurance Company and Scotia Life Insurance Company, who might see changes in billing, paperwork, or who manages their policies.
• Employees, agents, and distributors of both companies.
• Other stakeholders such as financial partners and regulators involved with the two insurers.
• If it’s unclear who will be affected in a specific way (for example, exact changes to customer accounts), the notice does not provide those details.

Why it matters#

• If approved, two insurance brands would become one legal company. That can lead to changes in where and how policies are managed, who to contact for service or claims, and possible updates to documents or contracts.
• The notice is a formal step in the approval process, not final approval. The Minister of Finance must still authorize the amalgamation.