Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations

SOR/2003-244

INSURANCE COMPANIES ACT

Registration 2003-06-18

Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations

P.C. 2003-995  2003-06-18

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 501(b)Footnote a and 977(b)Footnote b and section 1021Footnote b of the Insurance Companies ActFootnote c, hereby makes the annexed Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations.

Marginal note:Exemption — life companies

 Subsections 495(7) and (8) of the Insurance Companies Act do not apply to a life company’s acquisition of control of, or a life company’s acquisition or increase of a substantial investment in, an entity referred to in paragraph 495(6)(b) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the life company or members of the life company’s group.

Marginal note:Exemption — insurance holding companies

 Subsections 971(5) and (6) of the Insurance Companies Act do not apply to an insurance holding company’s acquisition of control of, or an insurance holding company’s acquisition or increase of a substantial investment in, an entity referred to in paragraph 971(4)(b) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the insurance holding company or members of the insurance holding company’s group.

Marginal note:Coming into force

 These Regulations come into force on the day on which they are registered.