Munich Reinsurance Asset Release Application

Summary#

Munich Reinsurance America, Inc. (operating in Canada as a branch) says it will apply to the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 651 of the Insurance Companies Act. The company plans to make that application on or after June 15, 2026, and anyone who objects has until June 15, 2026 to file an opposition.

What it does#

• Says that Munich Reinsurance America, Inc. (the MRAM branch) intends to ask the Superintendent of Financial Institutions (Canada) for an order allowing the branch to release the assets it keeps in Canada.
• Gives people who might be affected a chance to oppose that request. Oppositions must be sent by mail to:
  • Legislative Approvals and New Entry Division, Office of the Superintendent of Financial Institutions (Canada), 255 Albert Street, Ottawa, Ontario K1A 0H2
• Or by email to: approvals-approbations@osfi-bsif.gc.ca
• The deadline to file an opposition is June 15, 2026.

Who's affected#

• Any policyholder of the MRAM branch’s reinsurance business in Canada.
• Any creditor with claims related to the MRAM branch’s reinsurance business in Canada.
• It is not stated whether other parties (for example, brokers, cedants, or regulators) will be directly affected.

Why it matters#

• Reinsurance assets held in Canada are part of the financial backing for reinsurance obligations. Allowing those assets to be released could change how well claims and debts are protected in Canada.
• Policyholders and creditors with ties to the MRAM branch may want to review the notice and consider opposing if they believe their interests would be harmed.
• This is an application, not a final decision—the Superintendent still has to decide whether to allow the release.