BMO Life Reinsurance; Safety National Asset Release

Summary#

This Canada Gazette entry contains two insurance notices. BMO Life Assurance Company says it will apply for permission to have Union Life, Mutual Assurance Company assume (take over) many of its Canadian life and related insurance policies, starting with an application on or after May 26, 2025 and a planned completion on or after May 30, 2025. Separately, Safety National Casualty Corporation plans to apply for an order to release the assets it holds in Canada, with filings and a deadline for opposition tied to June 2, 2025.

What it does#

• BMO Life Assurance Company intends to ask the Superintendent of Financial Institutions for approval, under the Insurance Companies Act (Canada), to transfer responsibility for:
  • directly marketed life and accident & sickness policies,
  • pre‑needs life insurance,
  • participating life insurance,
  • group administered retirement savings plan risks issued in Canada.
• The plan is an "assumption reinsurance" arrangement: Union Life, Mutual Assurance Company would assume those policy obligations from BMO Life.
• BMO Life says it intends to go ahead even where some contracts include non‑assignment clauses.
• Policyholders can inspect the proposed agreement and the independent actuary’s report for 30 days at BMO Life’s office (250 Yonge Street, 9th Floor, Toronto) or request copies by email (Contact.BMOInsurance@bmo.com) or mail. BMO also provided toll‑free phone help.
• Safety National Casualty Corporation intends to apply to the Superintendent of Financial Institutions for an order allowing it to release assets it maintains in Canada under section 651 of the Insurance Companies Act (Canada).
• Anyone (policyholder or creditor) who opposes the Safety National request was invited to file an opposition by June 2, 2025.

Who's affected#

• Policyholders of BMO Life Assurance Company who hold the listed types of policies in Canada. If you hold one of these policies, you may see your contract managed by a different company if the transfer is approved.
• Policyholders and creditors of Safety National Casualty Corporation with claims or interests in its Canadian insurance business. They are the ones invited to oppose the asset release.
• If it’s unclear whether your particular contract or claim is included, the notices say you can inspect the documents or contact BMO Life or the Office of the Superintendent of Financial Institutions for details.

Why it matters#

• If the BMO Life reinsurance is approved, the company that is legally responsible for paying your benefits could change from BMO Life to Union Life. That can affect who you call about claims, billing, or service, so policyholders should read the agreement and ask questions if needed.
• The fact that BMO Life intends to proceed even where some contracts have non‑assignment clauses could raise concerns for affected policyholders; the notice offers ways to view the paperwork and get answers.
• For Safety National, releasing assets held in Canada could change how creditors and claimants recover money from the company. The notice gives those parties a short window (until June 2, 2025) to object.