Alan CA continuance and trust amalgamation

Summary#

• This Canada Gazette entry contains two short corporate notices.
• Alan CA Inc. says it will apply to continue as a federally regulated life insurer under the Insurance Companies Act (Canada), and MD Private Trust Company and The Bank of Nova Scotia Trust Company say they will apply to amalgamate under the Trust and Loan Companies Act (Canada), with an intended effective date of May 1, 2024.

What it does#

• Alan CA Inc.

  • Will apply for letters patent to continue under the Insurance Companies Act (Canada) as a life insurer offering accident and sickness insurance and life insurance.
  • Says its head office is in Toronto and that it is a subsidiary of Alan SA (France).
  • Gives a deadline for objections: written objections must be sent to the Office of the Superintendent of Financial Institutions by January 9, 2024.

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

  • Intend to make a joint application for letters patent of amalgamation under the Trust and Loan Companies Act (Canada).
  • 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 would be in Toronto and the proposed effective date is May 1, 2024 (or another date set by the letters patent). The joint application is to be made on or after December 18, 2023.

Who's affected#

• Customers and policyholders of Alan CA Inc., especially anyone holding or buying life or accident and sickness insurance from it.
• Clients, account holders, and employees of MD Private Trust Company and The Bank of Nova Scotia Trust Company.
• The federal regulator, the Office of the Superintendent of Financial Institutions, and the Minister of Finance, who review and decide on these applications.
• It is not clear from the notices whether there will be immediate changes to contracts, services, or day‑to‑day operations.

Why it matters#

• Moving a company to federal insurance oversight can change which rules and regulator apply. That matters to customers who want to know who supervises an insurer and what protections apply.
• An amalgamation consolidates two trust companies into one legal entity. That can affect account handling, customer service, branding, and which company is ultimately responsible for trust accounts — though the notice does not describe operational changes.
• Both notices are part of the normal review process; final approval depends on the regulator and the Minister of Finance, so these are proposed changes, not completed ones.