Indemnity National seeks approval to insure in Canada

Summary#

Indemnity National Insurance Company, a property and casualty insurer based in Mississippi, says it will apply to the federal regulator to be allowed to insure risks in Canada. The company plans to file that application with the Superintendent of Financial Institutions on or after October 30, 2023. The notice was dated September 23, 2023 and published in the Canada Gazette on September 30, 2023.

What it does#

• Files an application under section 574 of the Insurance Companies Act with the Superintendent of Financial Institutions to get approval to insure in Canada.
• Will use the English name Indemnity National Insurance Company and the French name Société d’assurance indemnité nationale in Canada.
• Plans to offer property, casualty and surety insurance in Canada.
• Keeps its head office in Jackson, Mississippi, and will locate a Canadian chief agency in Toronto, Ontario.

Who's affected#

• People and businesses looking for property, casualty, or surety insurance in Canada.
• Insurance brokers and agents who place or sell those kinds of policies.
• Other insurers and surety providers who compete in the same markets.
• It is unclear from the notice how provincial licensing or approval rules might interact with the federal application.

Why it matters#

• If approved, the company could add another option for buyers of property, casualty, and surety coverage.
• More competition can affect availability and price of certain insurance products.
• This is an application, not an approval — the company cannot start offering coverage in Canada until regulators grant permission.
• Having a Canadian chief agency in Toronto means there would be a local point of contact for customers and brokers if the application succeeds.