Royal Arcanum Asset Release

Summary#

The Supreme Council of the Royal Arcanum says it will ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). Policyholders or creditors who object were given until April 7, 2023 to file an opposition; the notice ran in the Canada Gazette on February 25, 2023.

What it does#

• The Supreme Council of the Royal Arcanum intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing the release of the assets it maintains in Canada under the Insurance Companies Act (Canada).
• Anyone who is a policyholder or creditor of its Canadian insurance business can file an objection. Objections had to be received on or before April 7, 2023.
• Objections could be sent by mail to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• The notice was signed in Hamilton on February 18, 2023.

Who's affected#

• Policyholders of the Supreme Council of the Royal Arcanum in Canada.
• Creditors of the society’s insurance business in Canada.
• The notice does not name other groups, so it's unclear if anyone beyond policyholders and creditors will be directly affected.

Why it matters#

• If assets are released, there may be fewer funds available in Canada to cover claims or obligations connected to the society’s insurance business.
• Policyholders and creditors had a short window to object if they wanted to try to stop or delay the release.
• The notice does not say how much money is involved or why the assets are being released, so the practical impact is uncertain from this announcement alone.