AXA Equitable seeks release of assets

Summary#

Equitable Financial Life Insurance Company, doing business in Canada as AXA Equitable Life Insurance Company, has given notice that it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under the Insurance Companies Act. The company plans to apply on or after May 2, 2022, and anyone who opposes must file by May 2, 2022. The notice was published on March 19, 2022.

What it does#

• Asks the federal regulator for an order under section 651 of the Insurance Companies Act to allow the company to release assets it maintains in Canada.
• Invites any policyholder or creditor who objects to send an opposition to the Office of the Superintendent of Financial Institutions (Canada) by mail or email on or before May 2, 2022.
  • Mailing address given in the notice: Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2.
  • Email contact given in the notice: approvalsandprecedents@osfi-bsif.gc.ca.

Who's affected#

• Policyholders of Equitable Financial Life Insurance Company (operating as AXA Equitable Life Insurance Company) in Canada.
• Creditors of the company’s insurance business in Canada.
• It is unclear from the notice whether other groups (for example, beneficiaries, reinsurers, or provincial regulators) would be affected.

Why it matters#

• The assets held in Canada are what back the company’s Canadian insurance business. Allowing the company to release those assets could change where the assets are held or how they are used.
• That could affect the security or management of policy benefits or claims, so policyholders and creditors may want to review the step and decide whether to oppose it.
• This notice is a formal step asking for permission; it does not itself grant the permission.