Alan CA continuance and Scotia trust amalgamation

Summary#

• Alan CA Inc. says it plans to apply to the Minister of Finance to continue as a life insurance company under the Insurance Companies Act so it can operate in accident and sickness insurance and life insurance. Any written objections must be received by January 9, 2024.
• MD Private Trust Company and The Bank of Nova Scotia Trust Company say they will apply to the Minister of Finance for letters patent to amalgamate into one company named The Bank of Nova Scotia Trust Company under the Trust and Loan Companies Act, with an expected effective date of May 1, 2024.

What it does#

• Alan CA Inc.

  • Signals an intention to change its legal status from an Ontario corporation to a federally regulated insurer (a continuance) so it can operate as a life insurance company in Canada.
  • Says it will carry on business from its head office in Toronto, Ontario.
  • Gives a deadline for objections: written objections must be sent to the Office of the Superintendent of Financial Institutions by January 9, 2024.
  • Notes that publishing the notice does not guarantee the letters patent will be issued.

• MD Private Trust Company and The Bank of Nova Scotia Trust Company

  • Announce a planned joint application to merge (amalgamate) into a single federally regulated trust company under the Trust and Loan Companies Act.
  • Say the application will be made on or after December 18, 2023, and the proposed effective date of the amalgamation is May 1, 2024.
  • Notes that publication is not proof the merge will be approved; final approval depends on the usual review and the Minister of Finance.

Who's affected#

• Customers and policyholders of Alan CA Inc., especially those with life or accident and sickness coverage.
• Clients and account holders of MD Private Trust Company and The Bank of Nova Scotia Trust Company.
• Employees and contractors of the named companies.
• The parent company Alan SA (mentioned as Alan CA Inc.'s parent).
• Regulators and anyone who might want to file an objection (for Alan CA Inc., objections go to the Office of the Superintendent of Financial Institutions).
• If it is unclear who will be directly affected by operational details (rates, claims handling, branch services), the notices do not specify those changes.

Why it matters#

• A continuance or amalgamation changes the company’s legal and regulatory status. That can affect which federal rules apply and who supervises the company.
• Customers could see changes in company name, who manages their accounts or policies, or where to send claims and questions — though the notices do not describe specific operational changes.
• These are proposed applications, not approvals; the final outcome depends on government review and, for Alan CA Inc., the objection process that ends January 9, 2024.