Insurers Seek Continuance under CBCA

Summary#

Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company say they plan to apply for permission to change the federal corporate law that governs them. They intend to ask the Minister of Finance on or after April 13, 2026 for approval to seek a certificate of continuance under the Canada Business Corporations Act. The notice was dated March 21, 2026.

What it does#

• The three insurers (the CNS, Trafalgar, and Unifund) will ask the federal minister for permission to apply for a certificate of continuance.
• That certificate would let them continue as corporations under the Canada Business Corporations Act instead of their current arrangement under the Insurance Companies Act.
• Each company’s board can withdraw the application before it is acted on without further approval from the companies’ sole shareholders.
• The notice warns that publishing this message does not mean approval will be granted; approvals depend on the minister’s review.

Who's affected#

• Most directly: the three insurers — Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company — and their sole shareholders (mentioned in the notice).
• Other stakeholders who might notice the change include policyholders, employees, creditors, and business partners, but the notice does not describe specific impacts on them.

Why it matters#

• If the move goes ahead, the companies would be governed by a different federal corporate law. That can change corporate rules such as governance and shareholder relations.
• The notice itself does not explain the companies’ reasons or any concrete effects on customers or policies. It mainly signals that a formal legal change is being sought and that approvals are not final.