Safety National: Proposed Release of Canadian Assets

Summary#

This notice says that Safety National Casualty Corporation intends to ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under the Insurance Companies Act (Canada). Anyone who is a policyholder or creditor and opposes that plan can file an objection by June 2, 2025.

What it does#

• Safety National Casualty Corporation will apply on or after June 2, 2025 for an order allowing it to release assets held in Canada under the Insurance Companies Act (Canada).
• The notice invites any policyholder or creditor of Safety National’s Canadian insurance business to file an opposition by June 2, 2025.
• Oppositions can be sent by mail to the Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email to approvals-approbations@osfi-bsif.gc.ca.
• The notice was submitted by Dentons Canada LLP on behalf of Safety National (signed in Toronto on April 19, 2025).

Who's affected#

• Policyholders of Safety National Casualty Corporation in Canada.
• Creditors of Safety National Casualty Corporation in respect of its Canadian insurance business.
• It is unclear from the notice whether other parties (for example, reinsurers or service providers) will be affected.

Why it matters#

• Releasing assets held in Canada could reduce the funds available in Canada to pay insurance claims or satisfy creditor claims.
• Policyholders or creditors who are concerned about losing access to funds or rights should consider filing an opposition before June 2, 2025.
• The notice does not explain why the assets would be released, so the full impact and reasons are not clear from this announcement alone.