ARAG seeks to establish Canadian insurer

Summary#

ARAG Canada Holdings Ltd. says it will apply under the Insurance Companies Act (Canada) to create a new insurance company that would sell legal expenses insurance and other approved products in Canada. The company plans to file the application on or after October 4, 2026; the public notice was published on September 12, 2026, and objections can be sent to the Office of the Superintendent of Financial Institutions by November 3, 2026.

What it does#

• Files an application with the Office of the Superintendent of Financial Institutions on or after October 4, 2026 asking the Minister of Finance to issue letters patent to incorporate a new insurer under the Insurance Companies Act (Canada).
• The new company would operate in Canada in the class of legal expenses insurance and “other approved products insurance.”
• The head office is planned to be in Toronto, Ontario.
• The proposed operating names are ARAG Canada Insurance Ltd. (English) and Compagnie d’assurance ARAG du Canada ltée (French).
• Anyone who objects can send a written objection to the Office of the Superintendent of Financial Institutions at 255 Albert Street, Ottawa, Ontario K1A 0H2 on or before November 3, 2026.
• The notice makes clear that publication does not mean approval; issuance of letters patent depends on the application review and the discretion of the Minister of Finance.

Who's affected#

• People or businesses who buy or might buy legal expenses insurance in Canada — they could see another insurer enter the market.
• The Canadian insurance industry and insurers that sell similar products — they may notice a new competitor.
• The Office of the Superintendent of Financial Institutions, which receives objections and processes the application.
• The federal Minister of Finance, who will ultimately decide whether to grant letters patent.

Why it matters#

• A new insurer could increase choice for consumers and businesses seeking legal expenses coverage.
• The notice starts a formal period during which the public can object; the deadline to do so is November 3, 2026.
• This is an application and public notice, not an approval — the company will only be incorporated if the application is approved after review.