Royal Arcanum Seeks Release of Canadian Assets

Summary#

The Supreme Council of the Royal Arcanum says it will apply under the Insurance Companies Act (Canada) for an order to release assets it holds in Canada. The application is scheduled to be made on or after April 7, 2023, and oppositions must be filed by that date. This notice appeared in the Canada Gazette on February 25, 2023.

What it does#

• The Supreme Council of the Royal Arcanum intends to ask the Superintendent of Financial Institutions (Canada) for permission to release assets that the society maintains in Canada under the Insurance Companies Act (Canada).
• It invites any policyholder or creditor of the society’s insurance business in Canada to file an opposition by mail or email to the Office of the Superintendent of Financial Institutions (Canada) (Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2) or by email at approvals-approbations@osfi-bsif.gc.ca on or before April 7, 2023.

Who's affected#

• Policyholders of the Supreme Council of the Royal Arcanum with insurance in Canada.
• Creditors with claims against the society’s insurance business in Canada.
• It is not stated how many people or which specific policies or claims are affected.

Why it matters#

• If the order is granted, assets kept in Canada could be released, which might change what is available to pay claims or settle debts in Canada.
• People who think they would be harmed by that release need to file an opposition with the Office of the Superintendent of Financial Institutions (Canada) by April 7, 2023 to make their objection known.