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

Act current to 2014-04-02 and last amended on 2013-12-12. Previous Versions

Miscellaneous

Marginal note:Prepayment protected
  •  (1) A foreign company shall not include in its assets in Canada any loan to a natural person that is repayable in Canada, the terms of which prohibit prepayment of the money advanced or any instalment thereon before its due date.

  • Marginal note:Non-application of subsection (1)

    (2) Subsection (1) does not apply in respect of a loan

    • (a) that is secured by a mortgage on real property; or

    • (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed.

  • 1991, c. 47, s. 606;
  • 1997, c. 15, s. 313.
Marginal note:Regulations — activities

 The Governor in Council may make regulations respecting any matters involving a foreign company’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including

  • (a) what a foreign company may or may not do in carrying out any of the activities in which it is permitted to engage, or in providing any of the services that it may provide, under this Act and any ancillary, related or incidental activities or services; and

  • (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided.

  • 2009, c. 2, s. 286;
  • 2012, c. 5, s. 151.
Marginal note:Regulations re customer information

 The Governor in Council may make regulations

  • (a) requiring a foreign company to establish procedures regarding the collection, retention, use and disclosure of any information about its customers in Canada or any class of customers in Canada;

  • (b) requiring a foreign company to establish procedures for dealing with complaints made by a customer in Canada about the collection, retention, use or disclosure of information about the customer;

  • (c) respecting the disclosure by a foreign company of information relating to the procedures referred to in paragraphs (a) and (b);

  • (d) requiring a foreign company to designate the officers and employees of the company who are responsible for

    • (i) implementing the procedures referred to in paragraph (b), and

    • (ii) receiving and dealing with complaints made by a customer, in Canada, of the foreign company about the collection, retention, use or disclosure of information about the customer;

  • (e) requiring a foreign company to report information relating to

    • (i) complaints made by its customers in Canada about the collection, retention, use or disclosure of information, and

    • (ii) its actions taken to deal with the complaints; and

  • (f) defining “information”, “collection” and “retention” for the purposes of paragraphs (a) to (e) and the regulations made under those paragraphs.

  • 1991, c. 47, s. 607;
  • 1997, c. 15, s. 314.