Indemnity National Seeks Canadian Branch

Summary#

Indemnity National Insurance Company says it will apply to set up a Canadian branch and to insure risks in Canada. The company plans to file the application under the Insurance Companies Act on or after October 30, 2023 with the Superintendent of Financial Institutions.

What it does#

• The company intends to apply for permission to insure risks in Canada under section 574 of the Insurance Companies Act.
• It will ask to operate in Canada using the English name “Indemnity National Insurance Company” and the French name “Société d’assurance indemnité nationale.”
• The firm is a property and casualty insurer that says it will cover property, casualty, and surety risks in Canada.
• Its head office is in Jackson, Mississippi (United States), and it plans to have a Canadian chief agency in Toronto, Ontario.
• This is an intent to file an application, not an approval — the regulator still has to review and decide.

Who's affected#

• People and businesses shopping for property, casualty, or surety insurance in Canada who may see a new insurer enter the market.
• Insurance brokers and agents who place these kinds of coverages.
• Competing insurers that offer similar products.
• The federal regulator, the Superintendent of Financial Institutions, which will review the application.
• It is not clear from the notice which provinces or exact product lines will be offered first.

Why it matters#

• If approved, Canadians could get another option for property, casualty, and surety insurance, which can affect price and availability.
• A branch with a chief agency in Toronto signals the company plans active operations in Canada.
• Because this is an application, consumers should wait for regulator approval and check licensing and financial strength before buying policies.