Two executives from Wealth Stewards are using two investment companies to launch a new insurance company. They requested it to the Office of the Superintendent of Financial Institutions (OSFI).
The notice was in the Canada Gazette on August 5th. The application to incorporate an insurance company was submitted on August 1st by Stewardship Alternative Income Fund, a mutual fund trust, along with its portfolio manager, Portfolio Stewards, in addition to executives Paul Tyers and Peggy Tyers.
In this notice, they announce their intention to submit to the OSFI, on September 26th, 2023 or after this date, a request for the Minister of Finance to issue letters patent to incorporate the life insurance company Insurance Stewards.
This company will offer life insurance and health insurance products. Its head office will be located in Toronto. Anyone who opposes the incorporation of this company can write to the OSFI no later than September 26th, 2023.
It should be noted that the publication of the notice does not mean that the letters patent will be issued. This step will follow the normal review process provided for by the Insurance Companies Act of Canada and will depend on the discretionary power of the Minister of Finance.
Paul Tyers has been CEO and financial advisor to wealthy clients at Wealth Stewards since 2008. Peggy Tyers has been Director of Business Development since 2010 within the same company.