Allianz asset release application

Summary#

Allianz Life Insurance Company of North America says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for an order to release the assets it holds in Canada under the Insurance Companies Act. The notice invites any policyholder or creditor who objects to file an opposition by July 15, 2024. The notice was published June 1, 2024.

What it does#

• Announces an intended application by Allianz Life Insurance Company of North America to the Office of the Superintendent of Financial Institutions (Canada) for authorization to release assets kept in Canada, as allowed under the Insurance Companies Act.
• Invites policyholders and creditors to oppose that release by sending a notice by mail or email to the regulator on or before July 15, 2024.
• Provides a postal contact (Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2) and an email address (approvals-approbations@osfi-bsif.gc.ca) for filing an opposition.

Who's affected#

• Current and former policyholders of Allianz Life Insurance Company of North America with policies or claims tied to assets the company holds in Canada.
• Creditors who have claims against Allianz’s Canadian business.
• It is not clear from the notice whether other groups (for example, beneficiaries or Canadian insurers) would be directly affected.

Why it matters#

• A regulator-approved release of assets could change where and how money that backs Canadian policies is held or paid out. If approved, that may affect the ease of making claims or the protections available to Canadian policyholders and creditors.
• The notice gives people with concerns a formal chance to oppose the move before July 15, 2024. If you think you might be affected, the deadline and contact details are the practical next steps.