CorePointe asset release; Quebec Assurance continuance

Summary#

This Canada Gazette page publishes two notices from insurance companies. CorePointe Insurance Company says it will ask the federal regulator to let it release the assets it keeps in Canada, and policyholders or creditors can oppose that request by April 28, 2025. Quebec Assurance Company says it will ask the Minister of Finance (Canada) for permission to continue under the Canada Business Corporations Act on or after April 7, 2025.

What it does#

• CorePointe Insurance Company intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing the company to release the assets it maintains in Canada under the Insurance Companies Act.
  • Anyone who is a policyholder or creditor of CorePointe’s Canadian insurance business may file an opposition by mail or by email.
  • The deadline to file an opposition is April 28, 2025. The notice gives the regulator’s mailing address and email for filings.
• Quebec Assurance Company intends to apply to the Minister of Finance (Canada) for approval to obtain a certificate that would let it continue as a corporation under the Canada Business Corporations Act.
  • The company says the board can withdraw that application before the Minister acts.
  • The notice says publication does not mean approval will be given; the Minister will review the request before deciding.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company in Canada — they are explicitly invited to oppose the asset release.
• Shareholders, customers, and counterparties of Quebec Assurance Company — the company’s corporate law status would change if the continuance is approved.
• The federal regulator (Office of the Superintendent of Financial Institutions (Canada)) and the Minister of Finance (Canada) are the decision-makers named in the notices.
• If it is unclear how either change would affect you personally (for example, what assets would be released or how corporate continuance would change operations), the notice does not provide those details.

Why it matters#

• A court or regulator order allowing CorePointe to release assets in Canada could affect how claims are paid and how much protection policyholders and creditors have. The deadline to object is concrete and short: April 28, 2025.
• If Quebec Assurance Company is allowed to continue under the Canada Business Corporations Act, it would move to a different federal corporate law regime. That can affect governance, shareholder rights, and which rules apply to the company — but the notice only announces the planned application, not approval.
• Both items are notices of intent and calls to interested parties to take action (opposition or note of the planned application). They do not themselves approve or enact any change.