KOHO bank, Hannover Re and Independence notices

Summary#

This Canada Gazette page contains three separate notices about financial firms. It says 15391326 Canada Inc. (a subsidiary of KOHO Financial Inc.) plans to apply to become a Schedule I bank under the name KOHO Bank; Hannover Re (Ireland) Designated Activity Company intends to seek approval to transfer some Canadian life and critical-illness reinsurance business to the Canadian branch of Munich Reinsurance Company; and Independence American Insurance Company plans to apply to open a Canadian branch to write property insurance.

What it does#

• 15391326 Canada Inc. / KOHO Bank

  • Announces intent to file for continuance as a Schedule I bank under the Bank Act and to operate in Canada as KOHO Bank / Banque KOHO.
  • Invites written objections to be sent to the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026.
  • Notes that publication of the notice does not mean the continuance will be approved.

• Hannover Re (Ireland) Designated Activity Company

  • Announces intent to apply to the Superintendent for approval under the Insurance Companies Act (Canada) to have certain individual life and critical-illness reinsurance assumed (reinsured) by the Canadian branch of Munich Reinsurance Company.
  • Says treaty holders may inspect the proposed assumption agreement and the independent actuary’s report at the Canadian chief agent’s office in Toronto for 30 days after publication. A copy will be provided on written request.

• Independence American Insurance Company

  • Announces intent to file an application, under the Insurance Companies Act (Canada), to establish a Canadian branch to insure property risks in Canada.
  • Gives the company’s head office location (Scottsdale, Arizona), ultimate parent location (Luxembourg), and the planned Canadian chief agent location (Newmarket, Ontario). The filing was to occur on or after March 9, 2026.

Who's affected#

• Customers and potential customers of KOHO Financial Inc. or KOHO Bank if the continuance and bank charter are approved.
• Treaty holders (clients or cedants) of Hannover Re (Ireland) Designated Activity Company who have individual life or critical-illness treaties with Hannover Re — they can inspect the proposed agreement and actuary report.
• Brokers, insurers, and buyers of property insurance in Canada who might deal with Independence American Insurance Company if its branch is approved.
• Regulators and industry observers who monitor foreign insurers entering Canada or changes in reinsurance arrangements.
• If it’s unclear who will be affected in detail, the notices identify who may inspect documents or where objections can be sent.

Why it matters#

• If 15391326 Canada Inc. becomes KOHO Bank, that could add another federally regulated bank to the Canadian market, which may affect consumer choice and competition in banking services.
• The proposed reinsurance assumption by Munich Reinsurance Company could change which company ultimately carries certain reinsurance risks; treaty holders have a right to review the details and may be directly affected.
• Allowing Independence American Insurance Company to operate a Canadian branch would let a foreign property insurer write risks here, which can influence market capacity and options for buyers of property insurance.
• These are announcement-stage actions: they signal planned regulatory filings and opportunities for affected parties to review or object, not final approvals.