Safety National to Seek Release of Canadian Assets

Summary#

Safety National Casualty Corporation says it will ask the Superintendent of Financial Institutions (Canada) for permission to release the assets it keeps in Canada under section 651 of the Insurance Companies Act (Canada). The company plans to apply on or after June 2, 2025, and anyone who objects has until June 2, 2025 to file a formal opposition.

What it does#

• The company intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing it to remove or release assets it holds in Canada.
• The notice invites any policyholder or creditor who opposes the release to file an opposition with the Office of the Superintendent of Financial Institutions (Canada) by June 2, 2025.
  • Mail: Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca
• This is a notice of an intended application. It is not an order or a final decision.

Who's affected#

• Policyholders of Safety National Casualty Corporation whose insurance is tied to the company’s operations in Canada.
• Creditors of Safety National Casualty Corporation with claims related to its Canadian insurance business.
• It may also be relevant to insurance brokers, legal representatives handling claims, and financial regulators who monitor insurer solvency.

Why it matters#

• If the company’s Canadian assets are released or moved, there may be fewer local assets available to pay claims or satisfy creditor claims in Canada.
• Filing an opposition by June 2, 2025 is the formal way for affected parties to register concerns before the Superintendent decides whether to allow the release.
• The notice signals a significant change in where the company’s Canadian resources would be held, which could affect how easily Canadian policyholders and creditors can pursue or collect payments.