Bank One Plans Conversion; Tokio Marine Seeks Insurer

Summary#

Two short notices were published on November 21, 2020. One says Bank One Canada plans to change its corporate status and name to B-One Canada Corporation. The other says Tokio Marine & Nichido Fire Insurance Co., Ltd. plans to create a Canadian property-and-casualty insurer to operate as Tokio Marine Canada Ltd. / Tokio Maritime Canada ltée.

What it does#

• Bank One Canada intends to ask the federal Minister of Finance for permission to convert from a bank under the Bank Act into a corporation under the Canada Business Corporations Act and to use the proposed name B-One Canada Corporation. The notice says this application would be made on or after November 21, 2020.
• Tokio Marine & Nichido Fire Insurance Co., Ltd. intends to apply to the Superintendent of Financial Institutions for the Minister of Finance to issue letters patent to set up a Canadian insurer. The new company would carry specialty and other property-and-casualty insurance in Canada under the legal names Tokio Marine Canada Ltd. (English) and Tokio Maritime Canada ltée (French). The notice says this application would be filed on or after November 21, 2020.
• The insurance notice includes a written-objection process and an address for objections: Office of the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2. The notice lists an objection deadline of January 21, 2020 (see note below).

Who's affected#

• Customers and small-business clients of Bank One Canada who might be affected by a corporate reorganization or name change.
• Shareholders, employees, and advisers of Bank One Canada who handle corporate-law matters.
• Brokers, businesses, and customers in specialty and other property-and-casualty insurance markets in Canada who might see a new competitor: Tokio Marine Canada Ltd. / Tokio Maritime Canada ltée.
• People or organizations who want to object to the insurance company incorporation; the notice gives a postal address and a deadline.

Why it matters#

• A bank converting to a regular corporation and changing its name can affect how it’s governed, how shareholders vote, and how customers recognize it — though this notice only says the bank intends to apply; it is not the final decision.
• A new Canadian insurer with the Tokio Marine name could increase options in specialty and property-and-casualty insurance, affecting prices and availability for some buyers.
• The insurance notice includes an objection opportunity with a date that appears to be earlier than the publication date (January 21, 2020). That may be a typographical error in the original notice. The source also states that publication does not guarantee approval; final permission depends on the regulator and the Minister of Finance.