Alan CA Inc. seeks continuance as life insurer

Summary#

Alan CA Inc. says it plans to change its legal status so it can operate as a federally regulated life insurer under the Insurance Companies Act (Canada). The notice was published on November 25, 2023 and people can object in writing until January 9, 2024.

What it does#

• Alan CA Inc., currently incorporated under the Ontario Business Corporations Act, intends to apply for letters patent to continue as a company under the Insurance Companies Act (Canada).
• If approved, it would operate as a life insurance company covering the classes “accident and sickness insurance” and “life insurance.”
• The company’s head office is in Toronto, Ontario, and it is a subsidiary of Alan SA (a company formed under the laws of France).
• Anyone who objects may send a written objection to the Office of the Superintendent of Financial Institutions (address given in the notice) on or before January 9, 2024.
• The notice says publication does not mean the continuance will be approved; approval depends on the normal review and the Minister of Finance.

Who's affected#

• Current or potential customers of Alan CA Inc. who buy life or accident-and-sickness insurance.
• Insurance brokers, distribution partners, and competing insurance companies who deal with this insurer.
• Employees and business partners of Alan CA Inc..
• Members of the public or organizations who want to object to the continuance (deadline January 9, 2024).
• It’s not clear from the notice how existing policies, customers, or staff would be handled if the continuance is approved.

Why it matters#

• If the continuance goes ahead, Alan CA Inc. would move from being an Ontario business corporation to a federally regulated life insurance company. That changes which rules and federal regulator oversee it.
• That shift can affect consumer protections, regulatory oversight, and how the company can operate across Canada — which matters to policyholders and the insurance market.
• There is a short window (until January 9, 2024) for people or organizations to raise objections to the plan.