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

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

SUBDIVISION 11Trust Indentures

Marginal note:Sections 317 to 329 apply

 Sections 317 to 329 apply in respect of insurance holding companies, subject to the following:

  • (a) references to “company” in those sections are to be read as references to “insurance holding company”;

  • (b) references to “this Act” in those sections are to be read as references to “this Part”;

  • (c) references to “this Division” in those sections are to be read as references to “this Subdivision”; and

  • (d) references to “subordinated indebtedness” in those sections are to be read as references to “subordinated indebtedness” as defined in subsection 700(1).

  • 2001, c. 9, s. 465.

SUBDIVISION 12Financial Statements

Marginal note:Financial year
  •  (1) The financial year of an insurance holding company ends, at the election of the insurance holding company in its by-laws, on the expiration of the thirty-first day of October or the thirty-first day of December in each year.

  • Marginal note:First financial year

    (2) If, in any year, an insurance holding company comes into existence after the first day of July, its first financial year ends, at its election in its by-laws, on the expiration of the thirty-first day of October or the thirty-first day of December in the next calendar year.

  • 2001, c. 9, s. 465.
Marginal note:Annual financial statement
  •  (1) The directors of an insurance holding company shall place before the shareholders at every annual meeting

    • (a) a comparative annual financial statement relating separately to

      • (i) the financial year immediately preceding the meeting, and

      • (ii) the financial year, if any, immediately preceding the financial year referred to in subparagraph (i);

    • (b) the report of the auditor of the insurance holding company; and

    • (c) any further information respecting the financial position of the insurance holding company and the results of its operations required by the by-laws of the insurance holding company to be placed before the shareholders at the annual meeting.

  • Marginal note:Annual statement — contents

    (2) With respect to each of the financial years to which it relates, the annual statement of an insurance holding company must contain the prescribed statements and any information that is in the opinion of the directors necessary to present fairly, in accordance with the accounting principles referred to in subsection (4), the financial position of the insurance holding company as at the end of the financial year to which it relates and the results of the operations and changes in the financial position of the insurance holding company for that financial year.

  • Marginal note:Additional information

    (3) An insurance holding company shall include with its annual statement

    • (a) a list of the subsidiaries of the insurance holding company, other than subsidiaries that are not required to be listed by the regulations and subsidiaries acquired pursuant to section 975 or pursuant to a realization of security in accordance with section 976 and which the insurance holding company would not otherwise be permitted to hold, showing, with respect to each subsidiary,

      • (i) its name and the address of its head or principal office,

      • (ii) the book value of the aggregate of any shares of the subsidiary beneficially owned by the insurance holding company and by other subsidiaries of the insurance holding company, and

      • (iii) the percentage of the voting rights attached to all the outstanding voting shares of the subsidiary that is carried by the aggregate of any voting shares of the subsidiary beneficially owned by the insurance holding company and by other subsidiaries of the insurance holding company; and

    • (b) such other information as may be prescribed in such form as may be prescribed.

  • Marginal note:Accounting principles

    (4) The financial statements referred to in subsection (1), paragraph (3)(a) and subsection 889(1) shall, except as otherwise specified by the Superintendent, be prepared in accordance with generally accepted accounting principles, the primary source of which is the Handbook of the Canadian Institute of Chartered Accountants. A reference in any provision of this Act to the accounting principles referred to in this subsection shall be construed as a reference to those generally accepted accounting principles with any specifications so made.

  • Marginal note:Actuarial practices

    (5) The valuation of the amount, if any, shown in the balance sheet that is included in the annual statement of an insurance holding company in respect of the actuarial and other policy liabilities of the insurance holding company shall be 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:Regulations

    (6) The Governor in Council may make regulations respecting subsidiaries that are not required to be listed for the purposes of paragraph (3)(a).

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 351.
Marginal note:Annual statement — approval
  •  (1) The directors of an insurance holding company shall approve the annual statement and their approval shall be evidenced by the signature or a printed or otherwise mechanically reproduced facsimile of the signature of

    • (a) the chief executive officer or, in the event of that officer’s absence or inability to act, any other officer of the insurance holding company authorized by the directors to sign in the stead of the chief executive officer; and

    • (b) one director, if the signature required by paragraph (a) is that of a director, or two directors if the signature required by that paragraph is that of an officer who is not a director.

  • Marginal note:Condition precedent to publication

    (2) An insurance holding company shall not publish copies of an annual statement unless it is approved and signed in accordance with subsection (1).

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 352.
 
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