Allianz Life seeks release of Canadian assets

Summary#

This is a notice that Allianz Life Insurance Company of North America plans to ask the federal regulator for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). The notice was published on June 1, 2024, and the company says it will apply on or after July 15, 2024; objections are due by July 15, 2024.

What it does#

• Allianz Life Insurance Company of North America intends to apply for an order allowing it to release the assets it maintains in Canada under the Insurance Companies Act (Canada) (this is the formal authority cited).
• The company’s application is scheduled to be made to the Superintendent of Financial Institutions (Canada) on or after July 15, 2024.
• The notice invites any policyholder or creditor who opposes the release to file an objection by mail or email on or before July 15, 2024.
  • Mail: Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2.
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America with insurance business in Canada.
• Creditors of Allianz Life Insurance Company of North America related to its Canadian business.
• It is not clear from the notice which specific policies, accounts, or assets would be released.

Why it matters#

• Releasing assets held in Canada could change where those assets are held and who has access to them. That can matter for paying claims or for creditors seeking repayment.
• If you are a policyholder or creditor of Allianz Life Insurance Company of North America, this is the formal chance to oppose the move or to ask the regulator for more information before the application proceeds.
• The notice does not give details about which assets or policies are involved, so affected people may need to contact the company or the Office of the Superintendent of Financial Institutions (Canada) for clarification.