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

Marginal note:Limit on equity acquisitions — foreign life companies

• 619. (1) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

• Marginal note:Limit on equity acquisitions — foreign composite companies

  (2) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of insurance, other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

• Marginal note:Limit on equity acquisitions — foreign property and casualty companies and foreign marine companies

  (3) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada.

Marginal note:Limit on aggregate value

620. The aggregate value of each of the following total accepted values, namely,

• (a) the total accepted values referred to in subsections 618(1) and 619(1),

• (b) the total accepted values referred to in subsections 618(2) and 619(2), and

• (c) the total accepted values referred to in subsections 618(3) and 619(3),

shall not at any time exceed the respective prescribed percentage of the value of the assets in Canada.

Marginal note:Prohibited transactions

621. A foreign company shall not vest in trust any asset in accordance with this Part if the asset was acquired through a transaction that at the time of acquisition would be prohibited for a company pursuant to section 521.

Marginal note:Exception

622. A foreign company may vest in trust an asset if the asset was acquired through a transaction described in any of sections 524 to 533 and

• (a) the transaction was entered into on terms and conditions that are at least as favourable to the foreign company as market terms and conditions, as defined in subsection 534(2); and

• (b) the foreign company files a notice of the vesting with the Superintendent on vesting the asset in trust.