Allianz Seeks Permission to Release Canadian Assets

Summary#

Allianz Life Insurance Company of North America says it will ask the Office of the Superintendent of Financial Institutions (Canada) for permission to release the assets it holds in Canada under section 651 of the Insurance Companies Act (Canada). Anyone who is a policyholder or a creditor and opposes that move can file an objection by July 15, 2024.

What it does#

• Allianz Life Insurance Company of North America intends to apply for an order allowing it to release assets it keeps in Canada.
• The application will be made to the Office of the Superintendent of Financial Institutions (Canada) on or after July 15, 2024.
• Policyholders or creditors who oppose the release are invited to file an opposition by mail to: Office of the Superintendent of Financial Institutions (Canada), Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2, or by email at approvals-approbations@osfi-bsif.gc.ca, on or before July 15, 2024.

Who's affected#

• Current and past policyholders of Allianz Life Insurance Company of North America in Canada.
• Creditors with claims against Allianz related to its Canadian business.
• The notice does not say whether day-to-day policy services (like premiums or claims processing) will change, so it’s unclear how quickly people would see effects.

Why it matters#

• If the assets held in Canada are released, the company may move funds out of Canada. That could affect how claims and obligations tied to those assets are handled.
• This notice is a formal step asking for permission, not a final decision. People with policies or claims have until July 15, 2024 to object if they want the regulator to consider their concerns.
• Affected people may want to check their policy documents or contact OSFI for more information.