BIS Exemption, Company Continuances, Pension Claim Deadline

Summary#

This Canada Gazette notice collects several separate administrative items. It announces that the Bank for International Settlements will apply to be treated as not a foreign bank in Canada, that Olympia Trust Company and Scotia General Insurance Company plan corporate continuances, and that TELUS Health is notifying former employees about the termination of the Pension Plan for Employees of the Northern Transportation Company Limited and a deadline to submit claims.

What it does#

• Bank for International Settlements: says it will apply to the Minister of Finance for an order exempting it from being a foreign bank under the Bank Act.
• Olympia Trust Company: says it intends to apply for letters patent to continue under the Trust and Loan Companies Act (Canada) with the same legal name. The notice invites objections to be sent to the Office of the Superintendent of Financial Institutions (OSFI) by May 6, 2024. The notice also makes clear that publication does not guarantee approval.
• Scotia General Insurance Company: says it intends to apply to the Minister of Finance on or after April 15, 2024 for approval to continue as a corporation under the Canada Business Corporations Act. The company could withdraw that application before it is acted on. Publication does not guarantee approval.
• TELUS Health / NTCL Pension Plan: confirms the Pension Plan for Employees of the Northern Transportation Company Limited was terminated as of March 31, 2020, and that plan assets will be distributed to eligible members. People who believe they have pension rights under the plan must present claims to the plan administrator by April 12, 2024. The notice gives a mailing address and a contact (Rose Valentino) for inquiries.

Who's affected#

• The Bank for International Settlements and federal regulators (the Minister of Finance and OSFI) — this affects how that organization would be treated under Canadian bank rules.
• Customers, clients, and counterparties of Olympia Trust Company if the company’s legal status changes.
• The sole shareholder, policyholders, and the board of Scotia General Insurance Company if the continuance goes ahead.
• Former employees of Northern Transportation Company Limited and NorTerra Inc. who were members of the NTCL plan — they may need to file a claim by April 12, 2024 to recover benefits.
• TELUS Health, acting as the plan administrator, and the Minister of Finance as the reviewing authority for continuances and approvals.

Why it matters#

• A decision that the Bank for International Settlements is not a foreign bank could change which Canadian rules apply to its operations or interactions in Canada.
• Corporate continuances for Olympia Trust Company and Scotia General Insurance Company could change where the companies are governed from and which federal rules apply. That can affect customers, creditors, and corporate governance.
• The NTCL pension notice is time-sensitive. Former employees who think they have unpaid or unclaimed pension benefits need to act by April 12, 2024 or risk losing the chance to claim those benefits. Contact details are provided in the notice for filing claims or asking questions.