Alan CA Inc. seeks to become federal insurer

Summary#

Alan CA Inc. has given public notice that it intends to apply to be continued as a federally regulated insurer under the Insurance Companies Act (Canada) so it can operate in Canada as a life insurer. The company says it will offer accident and sickness insurance and life insurance; written objections to the plan can be sent to the Office of the Superintendent of Financial Institutions by January 9, 2024. (Notice published November 18, 2023.)

What it does#

• Says Alan CA Inc., currently incorporated under Ontario law, will apply for "letters patent of continuance" to move under the Insurance Companies Act (Canada) and become a federally regulated life insurance company.
• States the company plans to operate in the classes of accident and sickness insurance and life insurance.
• Notes the company carries on business in Canada under the name Alan CA Inc., with its head office in Toronto, Ontario, and that it is a subsidiary of Alan SA (France).
• Explains that anyone who objects can send a written objection to the Office of the Superintendent of Financial Institutions (address given in the notice) on or before January 9, 2024.
• Makes clear the notice itself is not approval; the final decision rests with the Minister of Finance after the usual review process.

Who's affected#

• People who buy, or are thinking of buying, insurance from Alan CA Inc. in Canada.
• Shareholders, company employees, and business partners of Alan CA Inc..
• Federal regulators — mainly the Office of the Superintendent of Financial Institutions and the Minister of Finance — who will handle the application and any objections.
• It is not clear from the notice whether current policy terms or existing customers would see immediate changes; that would depend on the outcome of the application.

Why it matters#

• If approved, Alan CA Inc. would be regulated under federal insurance law instead of provincial corporate law. That can change which rules, oversight and reporting apply to the company.
• Consumers may want to know who regulates the insurer they buy from. The objection deadline (January 9, 2024) is the window for the public to raise concerns before a decision is made.
• The notice is an administrative step in a legal process — publication does not mean the continuance has been granted.