An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)
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Assented to 2007-03-29
PART 21991, c. 48AMENDMENTS TO THE COOPERATIVE CREDIT ASSOCIATIONS ACT
Marginal note:2001, c. 9, s. 338
183. Paragraph 461.1(1)(c) of the Act is replaced by the following:
(c) applications for exemptions under subsection 166.05(3); and
184. The Act is amended by adding the following after section 461.1:
Applications for Certain Approvals
Marginal note:Application for certain approvals
461.2 (1) An application for the prior written approval of the Minister in respect of paragraph 376(1)(g) or (h) or 390(5)(c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.
Marginal note:Certification of receipt of application
(2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister.
Marginal note:Incomplete application
(3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it.
Marginal note:Notice of decision
(4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant
(a) a notice approving the application; or
(b) if the Minister is not satisfied that the application should be approved, a notice to that effect.
Marginal note:Extension of period
(5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice.
Marginal note:Deemed approval
(6) If the Minister does not send the notice referred to in subsection (4) or, if applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.
185. Section 465 of the Act is amended by adding the following after subsection (1):
Marginal note:False or misleading information
(1.1) Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.
PART 31991, c. 47AMENDMENTS TO THE INSURANCE COMPANIES ACT
186. (1) The definitions “policy in Canada” and “policyholder in Canada” in subsection 2(1) of the Insurance Companies Act are repealed.
Marginal note:1997, c. 15, s. 165(1)
(2) The definitions “foreign company”, “life company”, “policy” and “property and casualty company” in subsection 2(1) of the Act are replaced by the following:
“foreign company”
« société étrangère »
“foreign company” means an entity that is the subject of an order made under subsection 574(1);
“life company”
« société d’assurance-vie »
“life company” means a company or a provincial company that is permitted to insure risks falling within the class of life insurance, other than a company or a provincial company that is also permitted to insure risks falling within any other class of insurance other than accident and sickness insurance, credit protection insurance and other approved products insurance;
“policy”
« police »
“policy” means any written contract of insurance or reinsurance whether contained in one or more documents and, in the case of insurance in a fraternal benefit society, any contract of insurance whether evidenced by a written document or not and any certificate of membership relating in any way to insurance, and includes any annuity contract and any endowment insurance contract;
“property and casualty company”
« société d’assurances multirisques »
“property and casualty company” means a company or a provincial company that is not a life company or a marine company;
(3) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:
“marine company”
« société d’assurance maritime »
“marine company” means a company that is incorporated for the sole purpose of insuring risks within the class of marine insurance;
187. Section 9 of the Act is amended by adding the following after subsection (4):
Marginal note:Contravention
(5) A person contravenes a provision of Part VII or Division 7 of Part XVII if the person agrees to act jointly or in concert with one or more other persons in such a manner that a deemed single person contravenes the provision.
188. Subsection 12(6) of the Act is replaced by the following:
Marginal note:Endowments
(6) The class of life insurance includes the issuance of endowment insurance the funds of which are to be paid at a fixed or determinable future time if the person whose life is insured is then alive or at the person’s death if the person dies before that time.
Marginal note:2001, c. 9, s. 353; 2006, c. 4, s. 201
189. Section 21 of the Act is replaced by the following:
Marginal note:Sunset provision
21. (1) Subject to subsections (2) and (3), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, 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 companies and societies may continue to carry on business and foreign companies may continue to carry on business in Canada. No more than one order may be made under this subsection.
Marginal note:Exception
(3) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the three-month period before that anniversary or on any day within an extension under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, for 180 days after the first day of the first session of the next Parliament.
190. Paragraph 38(1)(f) of the Act is replaced by the following:
(f) maintain outside Canada any records or registers required by this Act to be maintained in Canada.
Marginal note:2001, c. 9, s. 358
191. Section 39 of the Act is replaced by the following:
Marginal note:Transferring to other federal Acts
39. (1) A company or society may
(a) apply, under the Bank Act, for letters patent continuing the company or society as a bank or a bank holding company under that Act, or amalgamating and continuing the company or society as a bank or a bank holding company under that Act;
(b) apply, with the approval in writing of the Minister, under the Canada Business Corporations Act for a certificate of continuance as a corporation under that Act;
(c) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act;
(d) apply, under the Cooperative Credit Associations Act, for letters patent continuing the company or society as an association under that Act, or amalgamating and continuing the company or society as an association under that Act; or
(e) apply, under the Trust and Loan Companies Act, for letters patent continuing the company or society as a company under that Act, or amalgamating and continuing the company or society as a company under of that Act.
Marginal note:Transferring to other federal Acts — societies
(2) A society may also, with the approval in writing of the Minister, apply under the Canada Corporations Act, for letters patent creating it as a corporation under Part II of that Act.
Marginal note:Conditions for approval
(3) The approval referred to in paragraph (1)(b) or (c) or subsection (2) may be given only if the Minister is satisfied that
(a) the company or society has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of the company or society is situated, a notice of its intention to apply for the approval;
(b) the company or society has discharged, or provided for the discharge of, all its policy liabilities;
(c) the company or society will not, unless it is an entity referred to in paragraph 47(2)(b) or (c), use the word “assurance”, “assurances” or “insurance” in its name after the certificate or letters patent are issued in respect of the company or society; and
(d) the application has been authorized by a special resolution.
Marginal note:Withdrawing application
(4) If a special resolution authorizing the application for the certificate or letters patent so states, the directors of a company or society may, without further approval of the shareholders, policyholders entitled to vote or members, withdraw the application before it is acted on.
Marginal note:Restriction on other transfers
(5) A company or society may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1) or (2).
Marginal note:Act ceases to apply
40. If a company or society applies for a certificate or letters patent referred to in section 39 in accordance with that section and the certificate is given or the letters patent are issued, this Act ceases to apply to the company or society as of the day the certificate or the letters patent take effect.
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