SOR/2006-301200611

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INSURANCE COMPANIES ACTCivil Remedies (Insurance Companies and Insurance Holding Companies) RegulationsP.C.2006-1426200611

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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 294(1)a, (3)a and (6)a and 1021(1)b of the Insurance Companies Actc, hereby makes the annexed Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations.aS.C. 2005, c. 54, s. 272bS.C. 2005, c. 54, s. 364cS.C. 1991, c. 47Interpretation

1In these Regulations, Act means the Insurance Companies Act.

Civil Remedies

2For the purpose of paragraph 294(1)(d) of the Act, the prescribed percentage of voting rights attached to all of the insurance company’s or insurance holding company’s outstanding shares is 10%.SOR/2008-87, s. 1(F)

3For the purpose of subsection 294(3) of the Act, take-over bid means a take-over bid under any legislation that is set out in column 2 of the schedule.

4For the purpose of paragraph 294(6)(c) of the Act, the prescribed circumstances are that the insider(a)entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;(b)made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;(c)made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or(d)purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

Coming into Force

5These Regulations come into force on the day on which they are registered.

SCHEDULE(Section 3)TAKE-OVER BIDColumn 1Column 2ItemJurisdictionLegislation1Ontariothe definition take-over bid in subsection 89(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended from time to time2Quebecthe definition take-over bid in section 110 of the Securities Act, R.S.Q., c. V-1.1, as amended from time to time3Nova Scotiathe definition take-over bid in paragraph 95(1)(l) of the Securities Act, R.S.N.S. 1989, c. 418, as amended from time to time4New Brunswickthe definition take-over bid in subsection 106(1) of the Securities Act, S.N.B. 2004, c. S-5.5, as amended from time to time5Manitobathe definition take-over bid in subsection 80(1) of The Securities Act, C.C.S.M., c. S50, as amended from time to time6British Columbiathe definition take over bid in subsection 92(1) of the Securities Act, R.S.B.C. 1996, c. 418, as amended from time to time7Saskatchewanthe definition take-over bid in paragraph 98(1)(j) of The Securities Act, 1988, S.S. 1988-89, c. S-42.2, as amended from time to time8Albertathe definition take-over bid in paragraph 158(1)(r) of the Securities Act, R.S.A. 2000, c. S-4, as amended from time to time9Newfoundland and Labradorthe definition take-over bid in paragraph 90(1)(l) of the Securities Act, R.S.N.L. 1990, c. S-13, as amended from time to time10Yukonthe definition take-over bid in section 196 of the Business Corporations Act, R.S.Y. 2002, c. 20, as amended from time to time11Northwest Territoriesthe definition take-over bid in section 196 of the Business Corporations Act, S.N.W.T. 1996, c. 19, as amended from time to time12Nunavutthe definition take-over bid in section 196 of the Business Corporations Act (Nunavut), S.N.W.T. 1996, c. 19, as amended from time to time