CorePointe seeks permission to release assets

Summary#

Two short notices were published.

• CorePointe Insurance Company says it will ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 651 of the Insurance Companies Act; people with claims can oppose that request by April 28, 2025.
• Quebec Assurance Company says it will ask the Minister of Finance (Canada) for approval to seek a certificate of continuance under the Canada Business Corporations Act, starting on or after April 7, 2025.

What it does#

• CorePointe Insurance Company

  • Intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order allowing it to release assets it keeps in Canada under section 651 of the Insurance Companies Act.
  • Invites any policyholder or creditor to file an opposition by mail or email on or before April 28, 2025 to:
    • Mail: Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
    • Email: approvals-approbations@osfi-bsif.gc.ca
  • This notice is a step toward that application; it does not say the request has been approved.

• Quebec Assurance Company

  • Intends to apply to the Minister of Finance (Canada), on or after April 7, 2025, for approval to apply under the Canada Business Corporations Act for a certificate of continuance (moving the company to federal incorporation under the CBCA).
  • The company’s board can withdraw the continuance application before it is acted on, without getting more approval from the sole shareholder.
  • Publication of the notice does not mean approval will be given.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company — especially those with current or potential claims against the company in Canada.
• Shareholders, directors, and possibly customers of Quebec Assurance Company — since continuance changes which corporate law applies.
• The Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada), who will review the requests.
• The general public is unlikely to notice immediate effects unless they hold policies or claims with these companies.

Why it matters#

• If CorePointe Insurance Company is allowed to release its Canadian assets, that could change how easily policyholders and creditors can collect on claims or where the company’s resources are held. Affected people have until April 28, 2025 to register an opposition.
• If Quebec Assurance Company continues under the Canada Business Corporations Act, it will be governed by federal corporate law instead of its current regime. That can affect corporate governance rules, filing requirements, and legal oversight.
• Both are procedural steps that still require regulator approval, so outcomes are not certain.