Safety National asset release application

Summary#

Safety National Casualty Corporation says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under section 651 of the Insurance Companies Act. The company invited any policyholder or creditor who opposes that move to file an objection by June 2, 2025.

What it does#

• Safety National Casualty Corporation plans to ask the regulator to allow the company to release assets held in Canada under section 651 of the Insurance Companies Act.
• The notice sets a deadline for objections: anyone opposing the release can send an opposition to the Office of the Superintendent of Financial Institutions (Canada) by mail or email on or before June 2, 2025.
• The Gazette notice was published on May 3, 2025 and signed in Toronto on April 19, 2025.

Who's affected#

• Policyholders of Safety National Casualty Corporation in Canada.
• Creditors of Safety National Casualty Corporation who have claims tied to its Canadian insurance business.
• Insurance brokers, lawyers, and others who handle claims or recoveries for affected policyholders or creditors.

Why it matters#

• If the regulator allows the release, assets that are now held in Canada could be moved or made available outside Canada. That could change how and where claims get paid or how creditors recover money.
• This is an application stage, not a final decision. People with concerns should consider filing an opposition by June 2, 2025 using the contact details in the notice to make their views known.