Bank and Insurance Notices

Summary#

This Canada Gazette page (published August 5, 2023) collects several short notices from banks and insurance companies. They report a bank office move, where certain insurance businesses plan to file applications, and two insurers’ plans to transfer most of their policy liabilities to another company.

What it does#

• Comerica Bank says it moved its office for service of enforcement notices to TD Bank Tower on May 8, 2023. This affects where formal notices can be served on the bank across Canada.
• Markel International Insurance Company Limited intends to file under the Insurance Companies Act (Canada) on or after September 5, 2023 to insure certain classes of risk in Canada and to open a Canadian chief agency in Toronto.
• Natixis Canada Branch has designated a specific office in Ontario for the service of enforcement notices under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations and the Bank Act (Canada).
• Portfolio Stewards Inc. (together with Stewardship Alternative Income Fund and two named individuals) intends to apply on or after September 26, 2023 for letters patent to incorporate a life insurance company that would do business as Insurance Stewards Inc. The notice invites written objections up to September 26, 2023.
• Royal & Sun Alliance Insurance Company of Canada intends to apply on or after September 5, 2023 to have most of its policy liabilities assumed by Intact Insurance Company through three separate tranches covering different lines of business. Copies of the proposed agreements are available for inspection for 30 days after publication.
• Western Assurance Company intends to apply on or after September 5, 2023 to have all of its policy liabilities assumed by Intact Insurance Company. A copy of the proposed agreement is available for inspection for 30 days after publication.

Who's affected#

• Customers and policyholders of Royal & Sun Alliance Insurance Company of Canada and Western Assurance Company—they may find their claims handled by Intact Insurance Company if the transfers are approved.
• People or agencies who serve enforcement notices (for example, support-enforcement officials) dealing with Comerica Bank or Natixis Canada Branch in the listed provinces or Ontario—they should use the new designated offices.
• People and businesses interested in new insurance offerings in Canada, or competitors and brokers — because Markel International Insurance Company Limited and the proposed Insurance Stewards Inc. are seeking to operate in Canada.
• The notices are mainly filings and proposed transactions. That means approval by regulators or the Minister of Finance is still required before some changes take effect.

Why it matters#

• Where a bank accepts service of enforcement notices matters for anyone who needs to serve a formal legal notice on that bank. A moved address changes where those documents must be sent.
• If the reinsurance/assumption transactions are approved, some policyholders could see their policies administered by a different company (Intact Insurance Company). That can affect who handles claims, customer service, and where to direct inquiries.
• New or foreign insurers applying to operate in Canada can increase choice in the market or change competition for certain insurance products.
• Most items are intentions or applications, not final approvals. That means outcomes could change after regulatory review.