Pacific Life Re: Asset Release Application

Summary#

Pacific Life Re Limited says it will ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada. The company plans to make that application on August 3, 2023, and people with policies or creditor claims have until August 3, 2023 to file an objection.

What it does#

• Seeks an order under the Insurance Companies Act (Canada) (section 651) allowing Pacific Life Re Limited to release (remove or transfer) assets it holds in Canada.
• Invites any policyholder or creditor with claims related to the company’s insurance business in Canada to file an opposition by mail or email to the Office of the Superintendent of Financial Institutions (Canada) by August 3, 2023.
  • Mail: Regulatory Affairs Division, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Pacific Life Re Limited who have insurance contracts tied to assets or reserves in Canada.
• Creditors with claims against Pacific Life Re Limited arising from its Canadian insurance business.
• It is unclear from the notice whether other parties (agents, reinsurers, or third parties) will be directly affected.

Why it matters#

• If the release is approved, assets the company holds in Canada could be moved or otherwise dealt with in ways that change how claims or debts are handled here.
• People who might lose access to those assets or whose claims depend on them should consider filing an objection by August 3, 2023.
• The notice was signed on June 22, 2023 by Sarah Cheng, Chief Agent, which is the date the company publicly announced the planned application.