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

Act current to 2014-07-22 and last amended on 2014-06-19. Previous Versions

Adjustable Policies

Marginal note:Report of actuary
  •  (1) The actuary of a company that has adjustable policyholders shall, annually and in writing, report to the directors on whether the changes that the company made in respect of its adjustable policies during the preceding 12 months are in accordance with the criteria established under paragraph 165(2)(e.2) and are fair to the adjustable policyholders.

  • Marginal note:Generally accepted actuarial practice

    (1.1) The report of the actuary referred to in subsection (1) shall be prepared in accordance with generally accepted actuarial practice with such changes as may be determined by the Superintendent and any additional directions that may be made by the Superintendent.

  • Marginal note:Information to policyholder

    (2) A company that made changes in respect of its adjustable policies during the preceding 12 months shall within the prescribed period send the prescribed information to the policyholder, if the adjustable policy was issued in Canada or if it confers voting rights.

  • Marginal note:Information to policyholder — renewal

    (3) In the case of the renewal of an adjustable policy, the company shall within the prescribed period send the prescribed information to the policyholder.

  • 2005, c. 54, s. 297;
  • 2012, c. 5, s. 130.

Reinsurance

Marginal note:Regulations
  •  (1) The Governor in Council may make regulations limiting the extent to which a company may cause itself to be reinsured against risks undertaken under its policies.

  • Marginal note:Regulation may provide for discretion

    (2) A regulation made pursuant to subsection (1) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulation may specify.

  • 1991, c. 47, s. 465;
  • 2007, c. 6, s. 226.

Restrictions

Marginal note:Restriction on fiduciary activities

 No company shall act in Canada as

  • (a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or

  • (b) a trustee for a trust.

Marginal note:Restriction on deposit taking

 Except as otherwise permitted by this Act, a company shall not accept deposits.

  • 1991, c. 47, s. 467;
  • 1999, c. 31, s. 143(F).
Marginal note:Restriction on securities activities

 A company shall not deal in Canada in securities to the extent prohibited or restricted by such regulations as the Governor in Council may make for the purposes of this section.