Safety National seeks release of Canadian assets

Summary#

Safety National Casualty Corporation has posted a notice saying it will ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 651 of the Insurance Companies Act. The company intends to apply on or after June 2, 2025, and anyone who objects can file an opposition by June 2, 2025.

What it does#

• Announces an intention to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order to release assets that Safety National Casualty Corporation keeps in Canada.
• Invites any policyholder or creditor of the company’s Canadian insurance business to file an opposition by mail or email by June 2, 2025:
  • Mail: Regulatory Affairs Directorate, Office of the Superintendent of Financial Institutions (Canada), 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca
• The notice does not explain why the assets would be released or where they would go.

Who's affected#

• Policyholders of Safety National Casualty Corporation in Canada.
• Creditors with claims against Safety National Casualty Corporation’s insurance business in Canada.
• It is unclear from the notice whether other groups (brokers, claimants, provincial regulators) will be directly affected.

Why it matters#

• If the superintendent approves the release, the assets that back the company’s Canadian insurance activities could be removed or moved, which might change how claims and obligations are handled in Canada.
• The notice gives affected people a chance to object before the application is considered. If you have a policy or a claim with Safety National Casualty Corporation, you may want to check your position and consider filing an opposition by June 2, 2025.
• The formal notice was signed in Toronto on April 19, 2025 and was published in the Canada Gazette on May 10, 2025.