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

Act current to 2014-09-01 and last amended on 2014-06-19. Previous Versions

Marginal note:Sunset provision
  •  (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which insurance holding companies may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Order not a regulation

    (3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.

  • Marginal note:Exception

    (4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), insurance holding companies may continue to carry on business until the end of 180 days after the first day of the first session of the next Parliament.

  • 1991, c. 47, s. 707;
  • 1997, c. 15, s. 332;
  • 2001, c. 9, s. 465;
  • 2006, c. 4, s. 201.1;
  • 2007, c. 6, s. 310;
  • 2012, c. 5, s. 154.

Division 3Incorporation, Continuance and Discontinuance

Formalities of Incorporation

Marginal note:Incorporation of insurance holding company

 On the application of one or more persons made in accordance with this Part, the Minister may, subject to this Division, issue letters patent incorporating an insurance holding company.

  • 1991, c. 47, s. 708;
  • 2001, c. 9, s. 465.
Marginal note:Restrictions on incorporation

 Letters patent incorporating an insurance holding company may not be issued if the application therefor is made by or on behalf of

  • (a) Her Majesty in right of Canada or in right of a province, an agency of Her Majesty in either of those rights, or an entity controlled by Her Majesty in either of those rights;

  • (b) the government of a foreign country or any political subdivision thereof;

  • (c) an agency of the government of a foreign country or any political subdivision thereof; or

  • (d) an entity, other than a foreign institution or any subsidiary of a foreign institution, that is controlled by the government of a foreign country or any political subdivision thereof.

  • 1991, c. 47, s. 709;
  • 2001, c. 9, s. 465.
Marginal note:National treatment
  •  (1) If a proposed insurance holding company would be a subsidiary of a foreign institution that is engaged in the insurance business, letters patent to incorporate the insurance holding company may not be issued unless the Minister is satisfied that, if the application is made by a non-WTO Member foreign institution, treatment as favourable for insurance holding companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign institution principally carries on business, either directly or through a subsidiary.

  • Marginal note:Part XII of the Bank Act

    (2) Nothing in subsection (1) affects the operation of Part XII of the Bank Act.

  • 1991, c. 47, s. 710;
  • 2001, c. 9, s. 465.