Insurance Companies Act (S.C. 1991, c. 47)

Act current to 2014-09-15 and last amended on 2014-06-19. Previous Versions

Marginal note:Networking
  •  (1) A company may

    • (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 490(1) or a prescribed entity;

    • (b) enter into an arrangement with any person in respect of the provision of that service; or

    • (c) refer any person to any such financial institution or entity.

  • Marginal note:Regulations

    (2) The Governor in Council may make regulations respecting the disclosure of

    • (a) the name of the principal for whom a company is acting as agent pursuant to subsection (1); and

    • (b) whether any commission is being earned by a company when acting as agent pursuant to subsection (1).

  • 1991, c. 47, s. 442;
  • 2001, c. 9, s. 417.

Classes of Insurance

Marginal note:Restriction to specified classes of insurance
  •  (1) A company shall not insure a risk unless the risk falls within a class of insurance that is specified in the order of the Superintendent approving the commencement and carrying on of business by the company.

  • Marginal note:Continuation of certificate limitations

    (2) A class of insurance specified in a certificate of registry, issued under Part III of the Canadian and British Insurance Companies Act, or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be specified in an order of the Superintendent approving the commencement and carrying on of business by the company.

Marginal note:Restriction to reinsurance
  •  (1) A company may reinsure, but shall not otherwise insure, a risk falling within a class of insurance specified in the order of the Superintendent approving the commencement and carrying on of business by the company if the order limits the company to the reinsurance of those risks.

  • Marginal note:Continuation of certificate conditions

    (2) A condition that limits a company to the reinsurance of risks falling within a class of insurance and that is contained in a certificate of registry issued under Part III of the Canadian and British Insurance Companies Act, or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be a limitation in an order of the Superintendent approving the commencement and carrying on of business by the company.

Marginal note:No new composite companies

 The Superintendent may not make or vary an order approving the commencement and carrying on of business by a company if the company would as a result be permitted to insure both risks falling within the class of life insurance and risks falling within any other class of insurance other than accident and sickness insurance, credit protection insurance and other approved products insurance.

  • 1991, c. 47, s. 445;
  • 1997, c. 15, s. 248;
  • 2007, c. 6, s. 218.