AXA Seeks Release of Canadian Assets

Summary#

AXA Insurance Company told the federal regulator it plans to apply for an order to release the assets it keeps in Canada. The notice said the application would be made to the Office of the Superintendent of Financial Institutions (Canada) on or after February 22, 2020; anyone wanting to oppose had until February 22, 2020 to file an objection.

What it does#

• Announces an intended application under the Insurance Companies Act (Canada) to get regulatory approval to release assets that AXA Insurance Company maintains in Canada.
• Invites policyholders or creditors who oppose the release to send an objection to the Office of the Superintendent of Financial Institutions (Canada) (Regulatory Affairs Division) by mail or email on or before February 22, 2020.
• The notice is dated January 18, 2020 and signed by Laurie LaPalme (Chief Agent in Canada).

Who's affected#

• Policyholders of AXA Insurance Company in Canada.
• Creditors of AXA Insurance Company relating to its Canadian insurance business.
• It is not spelled out in the notice whether other parties (for example, agents, beneficiaries, or other businesses) would be affected.

Why it matters#

• If the release is approved, the assets that AXA keeps in Canada could be moved or otherwise dealt with in a way that changes how claims or creditor claims are paid.
• Policyholders and creditors who were concerned had a specific deadline to oppose the move. The notice itself does not explain exactly what will happen to the assets if the order is granted.