Royal Arcanum seeks reinsurance by Teachers Life

Summary#

The Supreme Council of the Royal Arcanum says it will apply for regulatory approval so another insurer can take on its Canadian insurance risks. The deal is with Teachers Life Insurance Society (Fraternal) and the application to the Superintendent of Financial Institutions (Canada) is planned for October 18, 2022 or later.

What it does#

• The Supreme Council of the Royal Arcanum intends to apply under section 587.1(4) of the Insurance Companies Act (Canada) to be reinsured on an assumption basis.
• Under the proposed agreement (dated September 16, 2022), Teachers Life Insurance Society (Fraternal) would assume the risks related to Royal Arcanum’s insurance business in Canada.
• Copies of the proposed assumption reinsurance agreement and the independent actuary’s report will be available for inspection at Royal Arcanum’s chief agency office in Canada (200‑1 Hunter Street East, Hamilton, Ontario L8N 3W1) for at least 30 days after publication.
• Policyholders can request a copy by writing to Royal Arcanum (attention: Chief Agent) or by emailing nbenoit@royalarcanum.com.

Who's affected#

• Policyholders of Supreme Council of the Royal Arcanum in Canada — they are the main group likely to be affected.
• Teachers Life Insurance Society (Fraternal), as the insurer that would assume the risks.
• The Superintendent of Financial Institutions (Canada), which will review and must approve the application.
• The notice does not make clear whether individual policy terms, service arrangements, or claims processes would change; those details are not provided in the notice.

Why it matters#

• If approved, another insurer would become responsible for the risks tied to Royal Arcanum’s Canadian policies. That can affect who pays claims and who manages policies going forward.
• Policyholders have a right to inspect the agreement and the actuary’s report and may want to read them to understand any practical changes.
• This is an application for approval, not a completed transfer — regulatory approval is required before any change takes effect.