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

Act current to 2012-05-02 and last amended on 2012-03-29. Previous Versions

Marginal note:Voting rights

  • 83.02 (1) Except as provided in subsections (2) and (3), a mutual company shall not issue any share that confers on its holder the right to vote at meetings of the shareholders and policyholders of the company.

  • Marginal note:Exception — specified events or conditions

    (2) A share may confer on its holder the right to vote where an event has occurred and is continuing or a condition is fulfilled.

  • Marginal note:Exception — election of directors

    (3) Subject to subsection 173(4.1), participating shares may confer on their holders the right to elect the number of directors indicated in the company’s by-laws.

  • 1997, c. 15, s. 185.
Marginal note:Participating shares

83.03 A mutual company shall not issue participating shares unless the by-laws of the company authorize it to issue participating shares.

  • 1997, c. 15, s. 185.
Marginal note:Participating shareholder accounts

83.04 A mutual company that issues participating shares shall maintain separate accounts, in the form and manner determined by the Superintendent, in respect of those shares.

  • 1997, c. 15, s. 185.
Marginal note:Allocation of income

83.05 There shall be credited to, or debited from, a participating shareholder account that portion of the income or losses of the company for a financial year, including accrued capital gains or losses, whether or not realized, that is determined in accordance with a method that is

  • (a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders of the company;

  • (b) approved by resolution of the directors, after considering the written opinion of the actuary; and

  • (c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.

  • 1997, c. 15, s. 185.
Marginal note:Allocation of expenses

83.06 There shall be debited from a participating shareholder account that portion of the expenses, including taxes, of the company for a financial year that is determined in accordance with a method that is

  • (a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders of the company;

  • (b) approved by resolution of the directors, after considering the written opinion of the actuary; and

  • (c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.

  • 1997, c. 15, s. 185.