CorePointe asset release; Quebec Assurance continuance

Summary#

• Two company notices appeared in the Canada Gazette on April 5, 2025.
• CorePointe Insurance Company plans to ask the federal regulator to allow it to release the assets it holds in Canada, and Quebec Assurance Company plans to ask for permission to change its corporate status by continuing under the Canada Business Corporations Act.

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.
  • Invites any policyholder or creditor of CorePointe’s Canadian insurance business to file an opposition by mail or email on or before April 28, 2025.

• Quebec Assurance Company

  • Intends to apply to the Minister of Finance (Canada), on or after April 7, 2025, for approval to seek a certificate of continuance so it can become a corporation under the Canada Business Corporations Act.
  • Notes that its board can withdraw the continuance application before it is acted on, and that publication of the notice is not a guarantee the approval will be given.

Who's affected#

• For the CorePointe Insurance Company notice:
  • Policyholders and creditors of CorePointe’s insurance business in Canada. They are the ones invited to file objections by April 28, 2025.
• For the Quebec Assurance Company notice:
  • Quebec Assurance Company itself and its sole shareholder (the notice specifically mentions the shareholder’s role in the continuance process).
• If it’s unclear who else is affected (for example, customers, agents, or counterparties), the notices do not specify further details.

Why it matters#

• A release of assets by CorePointe Insurance Company could change where the company keeps money or property connected to its Canadian business. That can affect how easy it is for policyholders and creditors to claim or be paid. The opposition deadline gives those people a chance to raise concerns.
• A continuance by Quebec Assurance Company would change the federal law that governs the corporation. That can alter corporate rules for governance, shareholder rights, and how the company is regulated, though the notice does not describe specific effects.