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Waterloo, Ont.-based Property and casualty insurer announced on Tuesday that it has filed with the Office of the Superintendent of Financial Institutions (OSFI) to receive approval to demutualize and convert into a public company.

The plan sets out how the firm aims to convert from a company owned by its policyholders and to pursue an initial public offering. The deadline for submitting its plan for OSFI approval was June 30.

“The conversion plan is a key piece of our demutualization, and its submission to our principal regulator meets an important deadline and maintains our momentum on the path to becoming a public company,” said John Bowey, chairman of the firm’s board of directors, in a statement.

OSFI will now review Economical’s plan, which remains confidential at this point. The company notes that there is no specific deadline for regulatory approval.

Assuming approval is granted, the company will then seek policyholder approval for the planned demutualization, which would then still have to be approved by the federal finance minister.

“Now, we remain focused on the considerable work ahead that will be required to complete the demutualization process and a successful initial public offering,” Bowey said.