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

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

Marginal note:Report to chief agent

 The actuary of a foreign company shall meet with the chief agent of the foreign company at least once during each financial year in order to report, in accordance with generally accepted actuarial practice, on the financial position of the insurance business in Canada of the foreign company, and, where a direction that may be made by the Superintendent so specifies, the expected future financial condition of the foreign company as it affects its insurance business in Canada.

  • 1991, c. 47, s. 630;
  • 1997, c. 15, s. 321.
Marginal note:Report to chief agent
  •  (1) The actuary of a foreign company shall report in writing to the chief agent of the foreign company any matters that have come to the actuary’s attention in the course of carrying out the duties of the actuary and that in the actuary’s opinion have material adverse effects on the financial condition of the foreign company with respect to its insurance business in Canada and require rectification.

  • Marginal note:Transmission of report

    (2) An actuary of a foreign company who makes a report under subsection (1) shall forthwith provide a copy of it to the directors of the foreign company and to any person designated by them as responsible for the insurance business in Canada of the foreign company.

  • Marginal note:Failure to take action

    (3) Where, in the opinion of the actuary of the foreign company, suitable action is not taken to rectify the matters referred to in subsection (1), the actuary shall forthwith provide a copy of the report to the Superintendent and advise the chief agent of the foreign company that the actuary has done so.

Qualified Privilege

Marginal note:Qualified privilege for statements
  •  (1) Any oral or written statement or report made under this Act by the actuary or former actuary of a foreign company has qualified privilege.

  • Marginal note:No civil liability

    (2) The actuary or a former actuary of a foreign company who in good faith makes an oral or written statement under subsection 627(1) or section 631 shall not be liable in any civil action seeking indemnification for damages attributable to the actuary or former actuary having made the statement or report.

Auditors

Interpretation

Marginal note:Definitions

 In sections 634 to 643, the expressions “firm of accountants” and “member” have the meanings assigned to those expressions by section 336.

  • 2007, c. 6, s. 294.

Appointment

Marginal note:Appointment of auditor
  •  (1) A foreign company shall appoint an auditor for its insurance business in Canada.

  • Marginal note:Notice of appointment

    (2) A foreign company shall, forthwith after the appointment of the auditor of the foreign company, notify the Superintendent in writing of the appointment.