Alan CA Inc. applies to continue as insurer
Canada Gazette, Part I, Volume 157, Number 47: MISCELLANEOUS NOTICES
Alan CA Inc. intends to apply for letters patent to continue under the Insurance Companies Act (Canada) as a federally regulated life insurer, offering accident and sickness and life insurance in Canada. Written objections may be sent to the Office of the Superintendent of Financial Institutions on or before 2024-01-09.
Summary
Summary#
Alan CA Inc. says it will apply to become a federally regulated life insurer under the Insurance Companies Act (Canada). If the application goes ahead, the company would operate in Canada offering accident and sickness insurance and life insurance. People can file objections with the Office of the Superintendent of Financial Institutions until January 9, 2024.
What it does#
- The company, currently incorporated under Ontario law, plans to ask the federal government to issue letters patent so it can continue as a federally regulated life insurance company under the Insurance Companies Act (Canada).
- It intends to operate in the classes of accident and sickness insurance and life insurance.
- The company says its head office is in Toronto, Ontario, and that it is a subsidiary of Alan SA (a French company).
- Anyone who objects may send a written objection to the Office of the Superintendent of Financial Institutions at the address in the notice on or before January 9, 2024.
- The notice says publication does not mean the letters patent will be granted; the Minister of Finance and regulators will still review the application.
Who's affected#
- People in Canada who buy or might buy life or accident-and-sickness insurance from Alan CA Inc..
- Other insurers and brokers who watch market entries or changes in competition.
- Federal regulators: the Office of the Superintendent of Financial Institutions and the Minister of Finance, who will review the application.
- It is unclear from the notice whether there are existing Canadian policyholders who would be directly affected.
Why it matters#
- The change would move the company from provincial incorporation to federal regulation as a life insurer. That can affect which rules apply to its business and oversight.
- It could mean a new or expanded option for insurance customers in Canada if the company begins or expands sales here.
- There is a short public window to object — January 9, 2024 — before regulators decide whether to grant the continuance.
Key topics
Source: Canada Gazette