CorePointe asset release; Quebec Assurance continuance

Summary#

• Two short notices were published about Canadian insurance companies. One says CorePointe Insurance Company intends to ask the federal regulator to allow it to release the assets it keeps in Canada. The other says Quebec Assurance Company intends to seek approval to continue as a corporation under the Canada Business Corporations Act.
• Each notice gives a date when the company will apply and a deadline for anyone who wants to respond.

What it does#

• CorePointe Insurance Company
  • Intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order to release the assets it maintains in Canada under the Insurance Companies Act.
  • Anyone who opposes that release can file an opposition by mail or email on or before April 28, 2025 (the notice lists a postal address and the email approvals-approbations@osfi-bsif.gc.ca).
• Quebec Assurance Company
  • Intends to apply to the Minister of Finance (Canada), on or after April 7, 2025, for approval to apply for a certificate of continuance under the Canada Business Corporations Act.
  • The company’s board may withdraw the continuance application before the Minister acts. The notice also says publication does not mean the approval will be granted.

Who's affected#

• CorePointe Insurance Company policyholders and creditors in Canada are the most directly named groups. They are invited to oppose the release if they wish.
• Quebec Assurance Company stakeholders — such as its shareholder(s), and potentially its policyholders or creditors — could be affected, but the notice does not spell out specific practical changes or who will notice effects first.
• If you are unsure whether you are affected, the notices provide contact points (the regulator or the company’s solicitors) for more information.

Why it matters#

• A regulator-approved release of assets could change where a company holds the money or property that backs its Canadian insurance business. That can matter to policyholders and creditors who want to protect their interests or know where funds are held.
• A continuance under the Canada Business Corporations Act is a legal step that changes a company’s corporate status; the notice does not describe specific consequences, so interested parties may want to watch for further filings or seek details from the company.
• Deadlines to act are short: oppositions for CorePointe are due by April 28, 2025, and the Quebec Assurance Company application will be made on or after April 7, 2025. If you have concerns, those dates are the immediate reasons to pay attention.