S-1001 (45-1) - An Act to authorize Gore Mutual Insurance Company to apply to be continued as a body corporate under the laws of the Province of Quebec
Chamber
senate
Stage
3rd Reading
Introduced
Jun 3, 2025
Progress
This bill allows Gore Mutual Insurance Company to move its legal incorporation from federal to Quebec provincial jurisdiction.
Key Changes
- Grants Gore Mutual Insurance Company a one-time exception to federal rules that normally prevent such a transfer
- Allows the company to apply for continuation as a Quebec-incorporated body corporate
- Removes the company from federal oversight under the Insurance Companies Act upon successful continuation
- Repeals three historical federal Acts that originally incorporated and governed the company
- Treats the company as if it had originally been incorporated under Quebec law for the purposes of the continuation process
Gotchas
- There is currently no general law allowing federally incorporated insurers to transfer to provincial jurisdiction, so this bill creates a unique exception specifically for Gore Mutual rather than setting a broader precedent for all companies.
- Once continued under Quebec law, the company is permanently removed from federal regulation; this change is not reversible under this bill.
- The bill does not specify what happens to existing policyholders' contracts or claims during or after the transition to Quebec jurisdiction.
- Policyholders approved the move by a two-thirds majority, meaning up to one-third of eligible voters may have opposed the change.
- The bill repeals three older federal Acts tied to the company's history, effectively erasing its federal legislative foundation once the transfer is complete.
Who's Affected
- Gore Mutual Insurance Company and its management
- Gore Mutual policyholders, who voted to approve the move
- Federal regulators (Office of the Superintendent of Financial Institutions), who would lose oversight of the company
- Quebec provincial insurance regulators, who would gain oversight of the company
Vibes
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Gotchas
- There is currently no general law allowing federally incorporated insurers to transfer to provincial jurisdiction, so this bill creates a unique exception specifically for Gore Mutual rather than setting a broader precedent for all companies.
- Once continued under Quebec law, the company is permanently removed from federal regulation; this change is not reversible under this bill.
- The bill does not specify what happens to existing policyholders' contracts or claims during or after the transition to Quebec jurisdiction.
- Policyholders approved the move by a two-thirds majority, meaning up to one-third of eligible voters may have opposed the change.
- The bill repeals three older federal Acts tied to the company's history, effectively erasing its federal legislative foundation once the transfer is complete.
Summary
This bill gives Gore Mutual Insurance Company, currently based in Cambridge, Ontario and governed by federal law, permission to re-incorporate under the laws of the Province of Quebec. Because there is no existing law that allows a federally incorporated insurance company to transfer to provincial jurisdiction, a special Act of Parliament is required to make this possible. Gore Mutual has a long history dating back to 1839 and was formally incorporated federally in 1937. The company's policyholders who were eligible to vote approved this move by a two-thirds majority at a special meeting. Once the transfer is complete, the company would be regulated by Quebec provincial law instead of the federal Insurance Companies Act. This is a private bill, meaning it applies only to this specific company rather than changing rules for all insurers. It was introduced in the Senate by Senator Loffreda on June 3, 2025.
Automatically generated from bill text using Claude
Vibes
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