Safety National Asset Release Application

Summary#

Safety National Casualty Corporation says it will apply to the Superintendent of Financial Institutions (Canada) to get permission to release the assets it holds in Canada under the Insurance Companies Act. The company published this notice on April 19, 2025 and gave a deadline of June 2, 2025 for anyone to object.

What it does#

• The company intends to apply on or after June 2, 2025 for an order allowing it to release the assets it keeps in Canada under section 651 of the Insurance Companies Act.
• The notice invites policyholders or creditors who oppose that release to file an objection by June 2, 2025:
  • By mail to: Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2.
  • By email to: approvals-approbations@osfi-bsif.gc.ca.
• The notice was filed through solicitors Dentons Canada LLP.

Who's affected#

• Policyholders of Safety National Casualty Corporation who hold insurance policies issued by the company in Canada.
• Creditors with claims against Safety National Casualty Corporation related to its Canadian insurance business.
• It is not clear from the notice whether other groups (brokers, reinsurers, or provincial regulators) are directly affected.

Why it matters#

• If the company is allowed to release its Canadian assets, there could be fewer local assets available to pay claims or satisfy creditors. That could affect the timing or amount of payments to people who have claims.
• This is an application, not a final decision. People who might be affected have until June 2, 2025 to file an objection with the Superintendent’s office.