MD Life and Scotia Life to Merge

Summary#

MD Life Insurance Company and Scotia Life Insurance Company say they will jointly apply to the Minister of Finance under the Insurance Companies Act (Canada) to merge into a single insurer. The application is to be made on or after July 1, 2024, with a proposed effective date of November 1, 2024 (or another date set in the letters patent). Publication of the notice does not guarantee the merger will be approved.

What it does#

• The two insurers will ask for letters patent of amalgamation to combine into one company.
• The merged company would keep the name MD Life Insurance Company in English and Société d’Assurance Vie MD in French.
• The merged company’s head office would be in Toronto, Ontario.
• The proposed effective date is November 1, 2024, or another date that might be set in the letters patent.
• The notice says the final decision depends 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.
• Employees, agents and brokers who work with either company.
• Business partners who deal directly with these insurers (for example, payroll providers or benefits administrators).
• It is unclear from the notice whether individual policy terms, pricing, or local licensing will change.

Why it matters#

• A merger can change who handles your policy, payments and claims, and may lead to new customer communications or account numbers.
• It could simplify operations under one brand, or it could mean short-term administrative changes for customers and staff.
• Because the Minister’s approval is required, nothing is final yet. Customers should watch for official notices from their insurer if the merger moves forward.