Safety National Asset Release

Summary#

Safety National Casualty Corporation says it will ask the Office of the Superintendent of Financial Institutions (Canada) to allow it to release the assets it keeps in Canada under section 651 of the Insurance Companies Act. Anyone who is a policyholder or a creditor and wants to oppose that move must file an objection by June 2, 2025.

What it does#

• Announces that Safety National Casualty Corporation intends to apply to OSFI for an order to release assets that the company holds in Canada under section 651 of the Insurance Companies Act.
• Invites policyholders and creditors who oppose the release to send an opposition by mail or email to OSFI by June 2, 2025:
  • Mail: Regulatory Affairs Directorate, Office of the Superintendent of Financial Institutions (Canada), 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Safety National Casualty Corporation who have active insurance contracts or claims in Canada.
• Creditors of Safety National Casualty Corporation in relation to its insurance business in Canada.
• The notice does not spell out other groups that might be affected, so it is unclear whether employees, agents, or counterparties would be directly affected.

Why it matters#

• If OSFI approves the application, assets that the company currently keeps in Canada could be moved or otherwise released. That could change how and where policy claims are paid or how creditors recover money.
• The decision could affect people waiting on claims or anyone with a financial interest in the company’s Canadian operations.
• If you think you might be affected, you have until June 2, 2025 to file an opposition with OSFI.