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:Reserved name

 The Superintendent may, on request, reserve for ninety days a name for a proposed insurance holding company or for an insurance holding company that intends to change its name.

  • 1991, c. 47, s. 734;
  • 2001, c. 9, s. 465.
Marginal note:Directing change of name
  •  (1) If through inadvertence or otherwise an insurance holding company

    • (a) comes into existence or is continued with a name, or

    • (b) on an application to change its name, is granted a name

    that is prohibited by section 730 or 732, the Superintendent may, by order, direct the insurance holding company to change its name and the insurance holding company shall comply with that direction.

  • Marginal note:Revoking name

    (2) Where an insurance holding company has been directed under subsection (1) to change its name and has not, within sixty days after the service of the direction, changed its name to a name that is not prohibited by this Part, the Superintendent may revoke the name of the insurance holding company and assign to it a name and, until changed in accordance with section 849 or 851, the name of the insurance holding company is thereafter the name so assigned.

  • 1991, c. 47, s. 735;
  • 2001, c. 9, s. 465.
Marginal note:Subsidiaries

 Despite subsection 47(1), a subsidiary of an insurance holding company may, with the approval in writing of the Superintendent, use the word “assurance”, “assurances”, “insurance” or “lifeco” or any word or words of import equivalent to any of those words in its name.

  • 1991, c. 47, s. 736;
  • 2001, c. 9, s. 465.

Definition of “reserved name”

  •  (1) In this section, “reserved name” means a name that includes as part thereof the word “assurance”, “assurances”, “insurance”, “lifeco”, “fiduciaire”, “fiduciary”, “fiducie”, “trust”, “trustco”, “loan”, “loanco” or “prêt” or any word or words of import equivalent to any of those words.

  • Marginal note:Termination of control required in certain cases

    (2) No person, other than a financial institution, who

    • (a) is carrying on business in Canada under a reserved name, and

    • (b) has control or acquires control of an insurance holding company,

    shall control the insurance holding company one year after the date of acquisition of the control.

  • Marginal note:Prohibition

    (3) No person, other than a financial institution, who

    • (a) controls an entity that is not a financial institution that carries on business in Canada under a reserved name, and

    • (b) has control or acquires control of an insurance holding company,

    shall control the insurance holding company one year after the date of the acquisition of the control.

  • Marginal note:Continuing control prohibited

    (4) Despite subsection (3), where a financial institution controls an entity that

    • (a) is not a financial institution,

    • (b) carries on business in Canada under a reserved name, and

    • (c) acquires control of an insurance holding company,

    the entity shall not control the insurance holding company one year after the date on which the entity acquires control of the insurance holding company.

  • Marginal note:Exceptions

    (5) Subsections (2) to (4) do not apply with respect to a person or entity that was carrying on business in Canada under a reserved name on June 25, 1999.

  • 1991, c. 47, s. 737;
  • 2001, c. 9, s. 465.