Atlantic Coast Life Seeks Canadian Branch

Summary#

Atlantic Coast Life Insurance Company says it plans to apply for permission to operate a Canadian branch and sell life insurance in Canada under the names Atlantic Coast Life Canada and Atlantic Coast Life du Canada. The company intends to file that application with the Superintendent of Financial Institutions on or after July 25, 2022.

What it does#

• Atlantic Coast Life Insurance Company will apply under subsection 574(1) of the Insurance Companies Act for an order allowing it to insure risks in Canada.
• It plans to use the English name Atlantic Coast Life Canada and the French name Atlantic Coast Life du Canada.
• The company intends to carry on life insurance business in Canada.
• Its head office is in Charleston, South Carolina, and its Canadian chief agency is planned for Toronto, Ontario.
• The filing is expected to happen on or after July 25, 2022.

Who's affected#

• People in Canada who buy or shop for life insurance.
• Insurance agents and brokers who might sell the company’s products.
• Other life-insurance companies that compete in the same market.
• The federal regulator named in the notice, the Superintendent of Financial Institutions.
• The notice does not list specific products or provinces, so exactly who will be able to buy policies is unclear.

Why it matters#

• If approved, this could add another supplier of life insurance in Canada, which may affect choice and competition.
• New entrants can influence prices, product features, and availability of specialized policies.
• This is an application, not an approval: the regulator will review the company before any business in Canada can start.
• The planned filing date is July 25, 2022, so any change depends on that regulatory process and outcome.