Allianz seeks permission to release Canadian assets

Summary#

Allianz Life Insurance Company of North America says it will apply to the Office of the Superintendent of Financial Institutions (Canada) on or after July 15, 2024 for permission to release assets it holds in Canada under the Insurance Companies Act (Canada). Policyholders and creditors can file an opposition by July 15, 2024.

What it does#

• Allianz Life Insurance Company of North America intends to ask the regulator for an order allowing the company to release the assets it keeps in Canada under section 651 of the Insurance Companies Act (Canada).
• The notice invites any policyholder or creditor of Allianz’s Canadian insurance business to oppose that request. Oppositions must be sent by mail to:
  • Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • or by email to approvals-approbations@osfi-bsif.gc.ca
  • and must arrive on or before July 15, 2024.

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America with policies tied to its business in Canada.
• Creditors with claims related to Allianz’s insurance operations in Canada.
• It is unclear from the notice whether other groups (for example beneficiaries, provincial regulators, or business partners) will be affected.

Why it matters#

• Asking to “release” assets could change where or how funds that back insurance obligations are held or used. The notice does not explain the practical effects.
• Policyholders and creditors who think the change could hurt their interests have a deadline (July 15, 2024) to object to the regulator. If you are unsure whether this affects you, consider checking your policy documents or contacting the company or the regulator.