Safety National to Release Canadian Assets

Summary#

Safety National Casualty Corporation has told Canadian authorities it plans to ask for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). The company filed a public notice on April 19, 2025 and anyone who is a policyholder or creditor can oppose the plan until June 2, 2025.

What it does#

• Safety National Casualty Corporation intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing the company to release the assets it maintains in Canada under section 651 of the Insurance Companies Act (Canada).
• The notice invites any policyholder or creditor who opposes the release to file an objection by mail or email on or before June 2, 2025.
• Objections can be sent to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Safety National Casualty Corporation who have active insurance policies in Canada.
• Creditors of Safety National Casualty Corporation in relation to its Canadian insurance business.
• It is not made clear in the notice why the assets are being released or how many policyholders/creditors that might involve.

Why it matters#

• Releasing assets held in Canada could change how and where money tied to Canadian policies or claims is kept and paid. That can affect the ability of policyholders or creditors to make or recover claims.
• The public notice gives affected people a limited window (until June 2, 2025) to oppose the move. If you might be affected, this is the deadline to register an objection with the regulator.
• The notice does not explain the company’s reasons or the likely financial impact, so anyone concerned may want more information from Safety National Casualty Corporation or the Office of the Superintendent of Financial Institutions (Canada).