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

Act current to 2016-01-25 and last amended on 2015-06-23. Previous Versions

Marginal note:Act ceases to apply

 On the day specified by the Minister, this Act ceases to apply to the body corporate continued under the other Act of Parliament or under the Act of the legislature of a province.

  • 1991, c. 47, s. 728;
  • 2001, c. 9, s. 465.
Marginal note:Withdrawing application

 Where a special resolution authorizing the application under subsection 726(1) so states, the directors of an insurance holding company may, without further approval of the shareholders, withdraw the application before it is acted on.

  • 1991, c. 47, s. 729;
  • 2001, c. 9, s. 465.

Corporate Name

Marginal note:Prohibited names

 An insurance holding company may not be incorporated under this Part with a name

  • (a) that is prohibited by an Act of Parliament;

  • (b) that is, in the opinion of the Superintendent, deceptively misdescriptive;

  • (c) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to any existing

    • (i) trade-mark or trade name, or

    • (ii) corporate name of a body corporate,

    except where the trade-mark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name and consent to the use of the trade-mark, trade name or corporate name is signified to the Superintendent in such manner as the Superintendent may require;

  • (d) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to the known name under or by which any entity carries on business or is identified; or

  • (e) that is reserved under section 45 for a company or society or a proposed company or society or under section 734 for another insurance holding company or a proposed insurance holding company.

  • 1991, c. 47, s. 730;
  • 2001, c. 9, s. 465.
Marginal note:Affiliated insurance holding company

 Despite section 730 and subject to section 732, an insurance holding company that is affiliated with another entity may, with the consent of that entity,

  • (a) be incorporated with, or change its name to, substantially the same name as that of the affiliated entity; or

  • (b) subject to any terms and conditions that may be prescribed, carry on business under or identify itself by a name, other than its corporate name, that is substantially the same as the corporate name of the affiliated entity or that is another name under which or with which the affiliated entity carries on business or otherwise identifies itself.

  • 1991, c. 47, s. 731;
  • 2001, c. 9, s. 465;
  • 2007, c. 6, s. 313.
Marginal note:Restriction

 An insurance holding company may not be incorporated or continued with, or change its name to or carry on business or identify itself by, a name that is substantially the same as that of a company unless the name contains words that, in the opinion of the Superintendent, indicate to the public that the insurance holding company is distinct from any company that is a subsidiary of the insurance holding company.

  • 1991, c. 47, s. 732;
  • 2001, c. 9, s. 465.
Marginal note:French or English form of name
  •  (1) The name of an insurance holding company may be set out in its letters patent in an English form, a French form, an English form and a French form or in a combined English and French form, and the insurance holding company may use and be legally designated by any such form.

  • Marginal note:Mandatory abbreviation

    (2) Despite any other provision of this Act and subject to the regulations, every insurance holding company shall have as part of its name, the abbreviations “ihc” or “spa”.

  • Marginal note:Alternate name

    (3) An insurance holding company may identify itself outside Canada by its name in any language and the insurance holding company may use and be legally designated by any such form of its name outside Canada.

  • Marginal note:Other name

    (4) Subject to subsection (5) and section 880, an insurance holding company may carry on business under or identify itself by a name other than its corporate name.

  • Marginal note:Directions

    (5) If an insurance holding company is carrying on business under or identifying itself by a name other than its corporate name, the Superintendent may, by order, direct the insurance holding company not to use that other name if the Superintendent is of the opinion that that other name is a name referred to in any of paragraphs 730(a) to (e).

  • Marginal note:Regulations

    (6) The Governor in Council may make regulations respecting the use of the abbreviations “ihc” or “spa” in the name of insurance holding companies.

  • 1991, c. 47, s. 733;
  • 2001, c. 9, s. 465.
Marginal note:Reserved name

 The Superintendent may, on request, reserve for ninety days a name for a proposed insurance holding company or for an insurance holding company that intends to change its name.

  • 1991, c. 47, s. 734;
  • 2001, c. 9, s. 465.
Marginal note:Directing change of name
  •  (1) If through inadvertence or otherwise an insurance holding company

    • (a) comes into existence or is continued with a name, or

    • (b) on an application to change its name, is granted a name

    that is prohibited by section 730 or 732, the Superintendent may, by order, direct the insurance holding company to change its name and the insurance holding company shall comply with that direction.

  • Marginal note:Revoking name

    (2) Where an insurance holding company has been directed under subsection (1) to change its name and has not, within sixty days after the service of the direction, changed its name to a name that is not prohibited by this Part, the Superintendent may revoke the name of the insurance holding company and assign to it a name and, until changed in accordance with section 849 or 851, the name of the insurance holding company is thereafter the name so assigned.

  • 1991, c. 47, s. 735;
  • 2001, c. 9, s. 465.
 
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