Allianz to Apply for Release of Canadian Assets

Summary#

Allianz Life Insurance Company of North America plans to apply for permission to release the assets it holds in Canada under the Insurance Companies Act (Canada). The application would be made to the Superintendent of Financial Institutions (Canada) on or after July 15, 2024 and the Canada Gazette published the notice on June 15, 2024.

What it does#

• Allianz Life Insurance Company of North America will ask the Superintendent of Financial Institutions (Canada) for an order allowing it to release assets it maintains in Canada under the Insurance Companies Act (Canada).
• The application is scheduled to be made on or after July 15, 2024.
• Policyholders or creditors who oppose the release can file an objection by mail or email on or before July 15, 2024:
  • Mail: Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2
  • Email: approvals-approbations@osfi-bsif.gc.ca

Who's affected#

• Policyholders of Allianz Life Insurance Company of North America in Canada.
• Creditors of Allianz Life Insurance Company of North America in respect of its Canadian insurance business.
• If you are unsure whether this affects you, the notice does not provide more detail about which specific policies or assets are involved.

Why it matters#

• Releasing assets held in Canada could change how the funds that back insurance policies or creditor claims are managed or located.
• Policyholders and creditors have a chance to object. If you are concerned, the deadline to oppose is July 15, 2024.
• The notice does not say what will happen if the order is granted, or why Allianz Life Insurance Company of North America is seeking the release, so some details remain unclear.