CorePointe asset release and QAC continuance

Summary#

Two short notices about insurance companies appeared in the Canada Gazette. CorePointe Insurance Company says it will apply for permission to release assets held in Canada on or after April 28, 2025. Quebec Assurance Company says it will ask the Minister of Finance (Canada) for approval to continue as a corporation under the Canada Business Corporations Act on or after April 7, 2025.

What it does#

• CorePointe Insurance Company intends to apply to the Office of the Superintendent of Financial Institutions (Canada) under the Insurance Companies Act for an order allowing the company to release assets it keeps in Canada.
  • The notice invites any policyholder or creditor who opposes that release to file an opposition by April 28, 2025.
• Quebec Assurance Company intends to apply to the Minister of Finance (Canada) for approval to seek a certificate of continuance so it can become a corporation under the Canada Business Corporations Act.
  • The company’s board can withdraw the continuance application before the Minister acts. The notice also says publication does not mean approval will be granted.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company in Canada — they are explicitly invited to oppose the asset release.
• Shareholders, customers, creditors and possibly employees of Quebec Assurance Company — continuance would change the corporate law that governs the company.
• Regulators such as the Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada), who will review the applications.
• It is not clear from the notice how many people or which specific policies or assets are involved.

Why it matters#

• A court or regulator-approved release of assets could change where the money that backs insurance obligations is held and who has priority to claim it. That can affect how easily policyholders or creditors can recover money.
• Moving a company’s legal home by obtaining a certificate of continuance can change its governance, reporting rules and regulatory oversight. That can affect investors, policyholders and business partners.
• Both notices are early public steps: they tell affected people the filings are coming and give a deadline for opposition or signal a regulatory review, but they do not mean the changes have happened yet.