CorePointe asset release; Quebec Assurance continuance

Summary#

Two notices appeared in the Canada Gazette on March 15, 2025 about insurance companies doing formal corporate actions in Canada. CorePointe Insurance Company plans to ask the federal regulator to let it release the assets it holds in Canada (oppositions due April 28, 2025). Quebec Assurance Company intends to ask the federal government for permission to continue as a corporation under the Canada Business Corporations Act (application to be sought on or after April 7, 2025).

What it does#

• CorePointe Insurance Company
  • Says it will apply to the Office of the Superintendent of Financial Institutions (Canada) for an order to authorize the release of the assets it keeps in Canada under the Insurance Companies Act.
  • Invites any policyholder or creditor who opposes that release to file an opposition by April 28, 2025 (contact details were given in the notice).
• Quebec Assurance Company
  • Says it will apply to the Minister of Finance (Canada) for approval to apply under the Canada Business Corporations Act for a certificate of continuance (the step that would move the company to CBCA corporate status).
  • Notes the company’s board can withdraw the application before it is acted on, and that publication of the notice is not proof the approval will be granted.

Who's affected#

• Policyholders and creditors of CorePointe Insurance Company — they are invited to oppose the asset release if they object.
• Shareholders, policyholders, creditors, employees and business partners of Quebec Assurance Company — they could be affected if the company changes its legal jurisdiction, though the notice does not list specific impacts.
• The federal bodies named — Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada) — are the decision-makers on these requests.

Why it matters#

• If CorePointe Insurance Company is allowed to release its Canadian assets, there could be practical effects on where the company keeps money and how claims or obligations in Canada are secured. People with claims against CorePointe may want to check the deadline to oppose.
• If Quebec Assurance Company continues under the Canada Business Corporations Act, its legal status, governance rules or reporting requirements could change. The notice itself does not say what specific operational changes would follow.
• Neither notice guarantees approval; both actions are subject to review and the discretion of federal authorities.