Safety National Seeks Release of Canadian Assets

Summary#

A notice in the Canada Gazette (Part I) on May 3, 2025 says Safety National Casualty Corporation plans to ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under the Insurance Companies Act. People or companies that are policyholders or creditors can file an objection by June 2, 2025.

What it does#

• Safety National Casualty Corporation intends to apply for an order that would allow it to release the assets it maintains in Canada (the notice cites section 651 of the Insurance Companies Act).
• The company invites any policyholder or creditor of its Canadian insurance business to oppose that release by filing an objection by June 2, 2025.
• Objections can be sent to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, at:
  • Mail: 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca
• The notice in the Gazette is dated April 19, 2025 and is signed on behalf of the company by Dentons Canada LLP.

Who's affected#

• Current and former policyholders of Safety National Casualty Corporation in Canada.
• Creditors who say they are owed money by the company in relation to its Canadian insurance business.
• Others indirectly connected (insurance brokers, claimants, service providers) may be affected depending on what assets are released — the notice does not list specifics.

Why it matters#

• A court or regulator-approved release of assets can change where money or property held in Canada goes. That can affect the ability to pay claims or satisfy creditors.
• If you have a policy with Safety National Casualty Corporation or think the company owes you money, you may want to review your position and consider filing an objection before June 2, 2025.
• The notice does not say which assets would be released or why the company seeks the release. The Office of the Superintendent of Financial Institutions will consider any objections when it reviews the application.