Allianz asset release; MD–Scotia amalgamation

Summary#

This Canada Gazette notice contains two separate items about life insurers. One says Allianz Life Insurance Company of North America plans to apply for permission to release the assets it keeps in Canada, with a deadline to file oppositions of July 15, 2024. The other says MD Life Insurance Company and Scotia Life Insurance Company plan to ask for letters patent to merge and continue as MD Life Insurance Company (English) / Société d’Assurance Vie MD (French), with a proposed effective date of November 1, 2024.

What it does#

• Allianz Life Insurance Company of North America

  • Intends to apply to the Office of the Superintendent of Financial Institutions (Canada) for an order allowing it to release the assets it maintains in Canada under the Insurance Companies Act (Canada).
  • Invites any policyholder or creditor who opposes that release to file an opposition by mail or email by July 15, 2024 (mail to the Office of the Superintendent of Financial Institutions, Regulatory Affairs Directorate, 255 Albert Street, Ottawa, Ontario K1A 0H2; email to approvals-approbations@osfi-bsif.gc.ca).

• MD Life Insurance Company and Scotia Life Insurance Company

  • Intend to jointly apply to the Minister of Finance for letters patent of amalgamation to combine into one company named MD Life Insurance Company / Société d’Assurance Vie MD.
  • Say the head office would be in Toronto, Ontario, and the proposed effective date is November 1, 2024 (or another date fixed in the letters patent).
  • Note that publishing this notice is not proof the merger will be approved; the Minister’s review and discretion still apply.

Who's affected#

• Policyholders and creditors of Allianz Life Insurance Company of North America in Canada — they can oppose the proposed asset release before July 15, 2024.
• Policyholders, employees, agents, and business partners of MD Life Insurance Company and Scotia Life Insurance Company — these groups may see administrative or legal changes if the amalgamation is approved.
• If you are unsure whether you are affected, the notices do not give details about which specific products, contracts, or accounts are involved.

Why it matters#

• A court or regulator allowing Allianz to release its Canadian assets could change how claims or policy obligations are funded or handled in Canada. Affected people have a short window (until July 15, 2024) to object.
• The proposed amalgamation of MD Life and Scotia Life would combine two insurers into one legal company. That can affect who manages policies, where legal claims are made, and who provides customer service — though the notice does not describe any immediate change to policy terms or benefits.
• Both items are steps in regulatory processes, not final decisions. The notices give affected parties a chance to respond or prepare, but do not say the outcomes are certain.