Concentra Bank: Designated Enforcement Offices

Summary#

• On September 5, 2020, the Canada Gazette published two short notices.
• One notice says Concentra Bank has named specific offices where people can serve enforcement notices under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations.
• The other says Pacific Life Re International Limited intends to apply, on or after September 10, 2020, to open a Canadian branch to do life and accident & sickness reinsurance under the Insurance Companies Act.

What it does#

• Concentra Bank
  • Names the office in British Columbia for service of enforcement notices: Station Tower, 13401 108th Avenue, Suite 960, Surrey, British Columbia V3T 5T3.
  • Names the office in Ontario: Bay Wellington Tower, 181 Bay Street, Suite 4200, Toronto, Ontario M5J 2T3.
  • Names the Saskatchewan office as its head office: 333 3rd Avenue N, Saskatoon, Saskatchewan S7K 2M2.
  • States its head office at 333 3rd Avenue N, Saskatoon, Saskatchewan S7K 2M2 will serve for all other provinces and territories.
• Pacific Life Re International Limited
  • Says it plans to file an application with the Superintendent of Financial Institutions on or after September 10, 2020 to establish a Canadian branch.
  • Intends to carry on life reinsurance business in Canada, including life reinsurance and accident and sickness reinsurance.
  • Lists its head office as being in Hamilton, Bermuda and its planned Canadian chief agency in Toronto, Ontario (notice dated August 4, 2020).

Who's affected#

• For Concentra Bank:
  • People and agencies who need to serve enforcement notices under the support-orders rules (for example, family-support enforcement agents, lawyers, and banks).
  • Anyone who needs a clear address to deliver those legal notices to Concentra Bank in the listed provinces.
• For Pacific Life Re International Limited:
  • Canadian life insurers and their brokers who buy reinsurance.
  • Potentially policyholders indirectly, because reinsurer decisions can affect insurer costs and capacity.
  • Note: this is a notice of intention to apply. The application had not yet been decided in the Gazette notice.

Why it matters#

• The Concentra Bank listing tells people exactly where to deliver enforcement notices. That reduces confusion and helps legal and enforcement processes move faster.
• The planned entry of Pacific Life Re International Limited into Canada matters because a new reinsurer can change how easy or expensive it is for Canadian insurers to buy reinsurance. That can affect insurance availability and pricing down the line.
• Both notices are administrative steps: one is a routine designation of offices, the other is an intended regulatory application that still needs approval.