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

Act current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

Marginal note:Statement of actuary
  •  (1) An actuary of a foreign company who resigns or whose appointment is revoked shall submit to the chief agent of the foreign company and the Superintendent a written statement of the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the actuary’s appointment was revoked.

  • Marginal note:Duty of replacement actuary

    (2) Where an actuary of a foreign company resigns or the appointment of an actuary of a foreign company is revoked, no person shall accept an appointment or consent to be appointed as actuary of the foreign company before requesting and receiving from the other actuary the written statement referred to in subsection (1).

  • Marginal note:Exception

    (3) A person may accept an appointment or consent to be appointed as actuary of a company if no reply is received from the other actuary within fifteen days after a request under subsection (2) is made.

  • Marginal note:Effect of non-compliance

    (4) Unless subsection (3) applies, an appointment as actuary of a company is void if subsection (2) is not complied with.

Valuations and Reports

Marginal note:Right to information
  •  (1) On the request of the actuary of a foreign company, the present or former directors, chief agents, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so,

    • (a) permit access to such records held by the foreign company, and

    • (b) provide such information and explanations

    as are, in the opinion of the actuary, necessary to enable the actuary to perform the duties of actuary of the foreign company.

  • Marginal note:No civil liability

    (2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.

Marginal note:Actuary’s valuation
  •  (1) The actuary of a foreign company shall value

    • (a) the actuarial and other policy liabilities of the foreign company with respect to its insurance business in Canada as at the end of a financial year; and

    • (b) any other matters specified in any direction that may be made by the Superintendent.

  • Marginal note:Actuarial practices

    (2) An actuary’s valuation 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:Superintendent may appoint actuary
  •  (1) The Superintendent may appoint an actuary to value the matters referred to in paragraph 629(1)(a) or (b) in relation to a foreign company if the Superintendent is of the opinion that the appointment is necessary. That actuary may not be an actuary of the foreign company.

  • Marginal note:Expenses payable by foreign company

    (2) The expenses incurred in carrying out a valuation under subsection (1) are payable by the foreign company on being approved in writing by the Superintendent.

  • 1996, c. 6, s. 89;
  • 1997, c. 15, s. 320.