Alan CA continuance and Scotia trust amalgamation

Summary#

• This Canada Gazette notice announces two separate filings. First, Alan CA Inc. says it will apply to continue as a federally regulated life insurance company under the Insurance Companies Act (Canada).
• Second, MD Private Trust Company and The Bank of Nova Scotia Trust Company say they will apply to amalgamate into The Bank of Nova Scotia Trust Company under the Trust and Loan Companies Act (Canada), with a proposed effective date of May 1, 2024.

What it does#

• Alan CA Inc.

  • Intends to ask the federal government (through the Office of the Superintendent of Financial Institutions) for letters patent to continue the company as a life insurer.
  • Plans to operate in the accident and sickness insurance class and the life insurance class.
  • Says its head office is in Toronto, Ontario, and that it is a subsidiary of Alan SA (based in France).
  • The notice invites objections to be sent to the Office of the Superintendent of Financial Institutions at its Ottawa address on or before January 9, 2024.
  • The notice states that publishing this item does not mean the continuance will be approved.

• MD Private Trust Company and The Bank of Nova Scotia Trust Company

  • Intend to make a joint application for letters patent of amalgamation so the two companies would continue as one company named The Bank of Nova Scotia Trust Company (English) / La Société de Fiducie Banque de Nouvelle-Écosse (French).
  • Say the head office of the merged company would be in Toronto, Ontario.
  • Plan to file the application on or after December 18, 2023, and propose an effective amalgamation date of May 1, 2024 (or another date set in the letters patent).
  • The notice also makes clear that publication is not proof the amalgamation will be approved.

Who's affected#

• Customers and potential customers of Alan CA Inc. — people who buy or are considering life or accident and sickness insurance from this company.
• Policy brokers, insurance agents, and competitors in the life/accident-and-sickness insurance market who deal with or monitor Alan CA Inc.
• Clients, account holders, and employees of MD Private Trust Company and The Bank of Nova Scotia Trust Company who may see services or account management move to the single merged entity.
• Regulators and financial-services professionals who track corporate structure and licensing changes in Canada’s banking, trust, and insurance sectors.

Why it matters#

• If Alan CA Inc. is approved to continue under the federal Insurance Companies Act (Canada), it would be regulated as a federal life insurer. That affects which rules and regulators oversee the company and could matter for consumer protections and where complaints are handled.
• The proposed amalgamation would combine two trust companies into a single, larger trust company under the Trust and Loan Companies Act (Canada). That can lead to changes in how accounts and services are administered, though the notice does not describe any customer-level changes.
• In both cases, publication is procedural: these are steps toward approval, not final decisions. The Minister of Finance and the relevant review process still need to sign off.