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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

Marginal note:Regulations

258. The Governor in Council may, for the purposes of section 254 or 257, make regulations respecting the circumstances in which companies or societies are deemed to be causing themselves to be reinsured, on an assumption basis, against risks undertaken under their policies.

  • 1991, c. 47, s. 258;
  • 1997, c. 15, s. 227;
  • 2007, c. 6, s. 210.
Previous Version

259. [Repealed, 1997, c. 15, s. 227]

Division IV

Head Office and Corporate Records

Marginal note:Head office

  • 260. (1) A company shall at all times have a head office in the province specified in its incorporating instrument or by-laws.

  • Marginal note:Change of head office

    (2) The directors of a company may change the address of the head office within the province specified in the incorporating instrument or by-laws.

  • Marginal note:Notice of change of address

    (3) A company shall send to the Superintendent, within fifteen days after any change of address of its head office, a notice of the change of address.

  • 1991, c. 47, s. 260;
  • 2005, c. 54, s. 264.
Previous Version
Marginal note:Company records

  • 261. (1) A company shall prepare and maintain records containing

    • (a) its incorporating instrument and the by-laws of the company and all amendments thereto;

    • (b) minutes of meetings and resolutions of shareholders or policyholders;

    • (c) the information referred to in paragraphs 668(1)(a), (c) and (e) to (h) contained in all returns provided to the Superintendent pursuant to section 668;

    • (d) particulars of any authorizations, conditions and limitations established by the Superintendent under subsection 58(1) or (2) or 59(1) that are from time to time applicable to the company; and

    • (e) particulars of exceptions granted under section 38 or 253 that are from time to time applicable to the company.

  • Marginal note:Additional records

    (2) In addition to the records described in subsection (1), a company shall prepare and maintain adequate

    • (a) corporate accounting records;

    • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof; and

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

  • Marginal note:Former-Act and continued companies

    (3) For the purposes of paragraph (1)(b) and subsection (2),

    • (a) in the case of a body corporate continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so continued;

    • (b) in the case of a body corporate amalgamated and continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated; and

    • (c) in the case of a former-Act company, “records” includes similar records required by law to be maintained by the company before the coming into force of this section.

  • 1991, c. 47, s. 261;
  • 1997, c. 15, s. 228(E);
  • 2007, c. 6, s. 211(E).
Previous Version