AXA Equitable to Seek Release of Canadian Assets
Canada Gazette, Part I, Volume 156, Number 13: MISCELLANEOUS NOTICES
Equitable Financial Life Insurance Company, operating in Canada as AXA Equitable Life Insurance Company, intends to apply to the Office of the Superintendent of Financial Institutions for an order authorizing the release of assets it maintains in Canada under the Insurance Companies Act. Policyholders or creditors who oppose the release were invited to file objections with OSFI by 2022-05-02; if approved, the release could affect availability of assets to cover claims or creditor rights in Canada.
- Published
- March 26, 2022
- Department
- Unavailable
- Section
- EQUITABLE FINANCIAL LIFE INSURANCE COMPANY, carrying on business in Canada as a branch under the name AXA EQUITABLE LIFE INSURANCE COMPANY
- Comment deadline
- May 2, 2022
- Effective date
- Unavailable
- Publication part
- Part I
Summary
Summary#
Equitable Financial Life Insurance Company, doing business in Canada as AXA Equitable Life Insurance Company, told the federal regulator it will apply for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). The company said it will apply on or after May 2, 2022, and invited objections to be filed by May 2, 2022 with the Office of the Superintendent of Financial Institutions (Canada).
What it does#
- Announces the company’s plan to ask the Office of the Superintendent of Financial Institutions (Canada) for an order allowing the release of assets it maintains in Canada under the Insurance Companies Act (Canada). The application is expected on or after May 2, 2022.
- Invites any policyholder or creditor who opposes that release to file an objection by mail (255 Albert Street, Ottawa, Ontario K1A 0H2) or by email (approvalsandprecedents@osfi‑bsif.gc.ca) on or before May 2, 2022.
Who's affected#
- Policyholders of AXA Equitable Life Insurance Company in Canada.
- Creditors with claims against the company’s Canadian insurance business.
- The notice does not explain whether other groups (agents, beneficiaries, regulators in other countries) will be affected.
Why it matters#
- If the regulator approves the request, the assets the company keeps in Canada could be released or moved, which could change what is available to cover claims or creditors in Canada.
- Policyholders and creditors who are concerned can file an objection by the deadline (May 2, 2022). The notice does not say why the company wants to release the assets.
Key topics
Source: Canada Gazette