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

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

Corporate Records

Marginal note:Provincial company to provide information
  •  (1) A provincial company shall provide the Superintendent with such information, material and evidence, at such times and in such form, as the Superintendent may require, and, without limiting the generality of the foregoing, the information, material and evidence shall include

    • (a) copies of its incorporating instrument and the by-laws of the provincial company; and

    • (b) copies of any of the records referred to in section 662.

  • Marginal note:Names of directors and auditors

    (2) A provincial company shall, within thirty days after each annual meeting of the provincial company, provide the Superintendent with a return showing

    • (a) the name, residence and citizenship of each director holding office immediately following the meeting;

    • (b) the mailing address of each director holding office immediately following the meeting;

    • (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member;

    • (d) the affiliation, within the meaning of section 170, with the provincial company of each director referred to in paragraph (a);

    • (e) the names of the directors referred to in paragraph (a) who are officers or employees of the provincial company or any affiliate of the provincial company, and the positions they occupy;

    • (f) the name of each committee of the provincial company on which each director referred to in paragraph (a) serves;

    • (g) the date of expiration of the term of each director referred to in paragraph (a); and

    • (h) the name, address and date of appointment of the auditor of the provincial company.

  • Marginal note:Changes

    (3) Where

    • (a) any information relating to a director or auditor of a provincial company shown in the latest return made to the Superintendent under subsection (2), other than information referred to in paragraph (2)(c) or (d), becomes inaccurate or incomplete,

    • (b) a vacancy in the position of auditor of the provincial company occurs or is filled by another person, or

    • (c) a vacancy on the board of directors of the provincial company occurs or is filled,

    the provincial company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form.

Marginal note:Records
  •  (1) A provincial company shall prepare and maintain adequate

    • (a) corporate accounting records; and

    • (b) records showing, for each customer of, or claimant under a policy issued by, the provincial company, the amount owing to the provincial company and the nature of the liabilities of the provincial company to the customer or claimant.

  • Definition of “records”

    (2) For the purposes of subsection (1), “records” includes similar records required by law to be maintained by the provincial company before the coming into force of this section.