Indemnity National seeks Canadian branch approval

Summary#

Indemnity National Insurance Company says it will apply to set up a Canadian branch and to be allowed to sell insurance in Canada. The company plans to file that application under the Insurance Companies Act with the Superintendent of Financial Institutions on or after October 30, 2023. This is an application, not an approval.

What it does#

• The company intends to file an application under section 574 of the Insurance Companies Act to approve insuring risks in Canada.
• It will use the English name Indemnity National Insurance Company and the French name Société d’assurance indemnité nationale for its Canadian business.
• It plans to provide property, casualty and surety insurance in Canada.
• The insurer is organized under Mississippi law and mainly works in the United States. Its head office is in Jackson, Mississippi, and its Canadian chief agency is planned for Toronto, Ontario.
• The notice in the Gazette was dated September 23, 2023.

Who's affected#

• Canadians and Canadian businesses that buy property, casualty, or surety insurance could see a new option if the application is approved.
• Insurance brokers, agents, and competing insurers may notice a new competitor in those markets.
• The federal financial regulator (the Superintendent of Financial Institutions) will review the application.

Why it matters#

• If approved, the move could increase choice and competition in property, casualty, and surety insurance markets in Canada.
• For now, nothing changes for policyholders — the company still needs regulatory approval before it can operate here.
• Details about what exact products, regions, or customers the company will serve in Canada are not specified in the notice.