Three Insurers Seek CBCA Continuance

Summary#

A notice in the Canada Gazette (Part I) on April 4, 2026 says that Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada and Unifund Assurance Company plan to ask the Minister of Finance on or after April 13, 2026 for permission to continue as regular corporations under the Canada Business Corporations Act. This is an intention to apply, not an approval — the Minister still has to review and decide.

What it does#

• Announces each insurer’s plan to seek a certificate of continuance under the Canada Business Corporations Act instead of remaining under the Insurance Companies Act.
• Says the insurers’ boards can withdraw their applications before the Minister decides, without more approval from the sole shareholder.
• Notes that publication of the notice is not proof that approval will be granted; the decision is up to the Minister of Finance after normal review.
• The notice is dated March 21, 2026.

Who's affected#

• The companies named: Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company.
• Their sole shareholder (not named in the notice) may be affected because the companies’ corporate status and rules could change.
• People who might notice changes in practice if the move happens: policyholders, employees, creditors, and investors — though the notice does not describe any specific changes to customer contracts or policies.

Why it matters#

• Moving from the Insurance Companies Act to the Canada Business Corporations Act changes which set of corporate laws applies. That can affect things like governance rules and shareholder rights.
• For most customers, nothing changes immediately. But if the continuance is approved, the companies’ legal and reporting framework would be different, which could have downstream effects on governance, transparency, or how certain corporate decisions are made.
• The outcome is uncertain until the Minister of Finance completes the review and decides whether to approve the applications.