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

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

Regulations

Marginal note:Power to make regulations
  •  (1) The Governor in Council may make regulations

    • (a) prescribing anything that is required or authorized by this Act to be prescribed;

    • (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed is to be determined;

    • (c) respecting, for any purpose of any provision of the Act, the determination of the equity of a company or an insurance holding company;

    • (d) defining words and expressions to be defined for the purposes of this Act;

    • (e) requiring the payment of a fee in respect of the filing, examining or issuing of any document or in respect of any action that the Superintendent is required or authorized to take under this Act, and fixing the amount of the fee or the manner of determining its amount;

    • (f) respecting the regulatory capital and total assets of a company, a society, a provincial company or an insurance holding company;

    • (g) respecting the standards of sound business and financial practices for companies, societies, provincial companies and foreign companies;

    • (h) respecting the retention, in Canada, of assets of a company, a society or an insurance holding company;

    • (i) respecting the value of assets of a company, a society or an insurance holding company to be held in Canada and the manner in which those assets are to be held;

    • (j) respecting the protection and maintenance of assets of a company, a society or an insurance holding company, including regulations respecting the bonding of directors, officers and employees of a company, a society or an insurance holding company;

    • (k) respecting the holding of shares and ownership interests for the purposes of section 74, 78 or 753;

    • (l) respecting information, in addition to the information required by section 670 or 996, to be maintained in the register referred to in that section; and

    • (m) generally for carrying out the purposes and provisions of this Act.

  • Marginal note:Incorporation by reference

    (2) The regulations may incorporate any material by reference regardless of its source and either as it exists on a particular date or as amended from time to time.

  • Marginal note:Incorporated material is not a regulation

    (3) Material does not become a regulation for the purposes of the Statutory Instruments Act because it is incorporated by reference.

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 364.

Delegation

Marginal note:Delegation

 The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries and Ministers of State Act to assist the Minister.

  • 2001, c. 9, s. 465.

PART XIXSanctions

Marginal note:Offence

 Every person who, without reasonable cause, contravenes any provision of this Act or the regulations is guilty of an offence.

  • 2001, c. 9, s. 465.
Marginal note:False or misleading information

 Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.

  • 2007, c. 6, s. 333.
Marginal note:Undue preference to creditor

 Every director, officer or employee of a company or a society who wilfully gives or concurs in giving to any creditor of the company or society any fraudulent, undue or unfair preference over other creditors, by giving security to the creditor, by changing the nature of the creditor’s claim or otherwise, is guilty of an offence.

  • 2001, c. 9, s. 465.
Marginal note:Failure to provide information

 Every person who, without reasonable cause, refuses or fails to comply with a requirement made under paragraph 674(3)(b) or 1000(3)(b) is guilty of an offence.

  • 2001, c. 9, s. 465.
Marginal note:Use of name

 Except to the extent permitted by the regulations, every person who uses the name of a company or of an insurance holding company in a prospectus, offering memorandum, takeover bid circular, advertisement for a transaction related to securities or in any other document in connection with a transaction related to securities is guilty of an offence.

  • 2001, c. 9, s. 465.
Marginal note:Punishment
  •  (1) Every person who is guilty of an offence under any of sections 1023 to 1026 is

    • (a) in the case of a natural person, liable

      • (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or

      • (ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and

    • (b) in the case of an entity, liable

      • (i) on summary conviction, to a fine of not more than $500,000, or

      • (ii) on conviction on indictment, to a fine of not more than $5,000,000.

  • Marginal note:Order to comply

    (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted.

  • Marginal note:Additional fine

    (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 365.
 
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