CorePointe asset release; Quebec Assurance continuance

Summary#

This Canada Gazette entry contains two short corporate notices.

• CorePointe Insurance Company says it will ask the Superintendent of Financial Institutions (Canada) for permission to release assets it holds in Canada, with a public deadline to oppose of April 28, 2025.
• Quebec Assurance Company says it will ask the Minister of Finance (Canada) for approval to seek a certificate to continue as a corporation under the Canada Business Corporations Act, with that step planned for on or after April 7, 2025.

What it does#

• CorePointe notice
  • Announces an intended application under the Insurance Companies Act for an order to release the assets the company keeps in Canada.
  • Invites any policyholder or creditor to file an opposition by mail or by email to the Office of the Superintendent of Financial Institutions (Canada) on or before April 28, 2025.
• Quebec Assurance Company (QAC) notice
  • Announces an intended application to the Minister of Finance (Canada) for approval to apply under the Canada Business Corporations Act for a certificate of continuance.
  • Says the board may withdraw the application before it is acted on. The notice also says publication does not mean the approval will be granted.

Who's affected#

• CorePointe notice
  • Primarily policyholders and creditors of CorePointe Insurance Company in Canada. They are the ones invited to oppose the asset release.
• Quebec Assurance Company notice
  • The sole shareholder of Quebec Assurance Company is directly mentioned. Other parties with financial or legal interests in the company (policyholders, creditors, employees) might also be affected, but the notice does not spell that out.
• Regulators involved: Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada) will handle the applications.

Why it matters#

• A court or regulator order allowing CorePointe Insurance Company to release assets held in Canada could change where the company keeps its funds and could affect how easily Canadian policyholders or creditors can access those assets if they have claims. Interested parties have until April 28, 2025 to oppose.
• If Quebec Assurance Company is allowed to continue under the Canada Business Corporations Act, it would change the company’s legal form or governance framework. The notice itself does not mean approval will be given; the Minister’s normal review and decision process still applies.