AXA Insurance: Proposed Release of Canadian Assets

Summary#

AXA Insurance Company says it will ask the federal regulator to approve the release of the assets it keeps in Canada under the Insurance Companies Act. People with policies or claims against AXA in Canada were invited to oppose this by February 22, 2020.

What it does#

• AXA Insurance Company intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order allowing AXA to release the assets it maintains in Canada.
• The company gave notice of this intention on January 18, 2020 (signed by Laurie LaPalme, Chief Agent in Canada).
• Policyholders or creditors who object were told they could file an opposition by mail or email on or before February 22, 2020 to the Office of the Superintendent of Financial Institutions (Canada) (Regulatory Affairs Division).

Contact details given in the notice:

• Mail: Regulatory Affairs Division, Office of the Superintendent of Financial Institutions (Canada), 255 Albert Street, Ottawa, Ontario K1A 0H2
• Email: approvalsandprecedents@osfi-bsif.gc.ca

Who's affected#

• People who hold insurance policies from AXA Insurance Company in Canada.
• Creditors who have claims against AXA Insurance Company’s Canadian insurance business.
• It is not clear from the notice whether this action affects specific types of policies or all of AXA’s Canadian insurance operations.

Why it matters#

• If the regulator approves the release, AXA could move or stop holding some assets in Canada.
• That change could affect how easy it is for policyholders or creditors to make claims against those assets — for example, where funds are held or which legal protections apply.
• The notice gave affected parties a short window (until February 22, 2020) to object to the proposed release.