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

Act current to 2021-02-15 and last amended on 2019-06-17. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2005, c. 54, s. 239(2)

    • 1997, c. 15, s. 197
      • 239 (2) The definition solicit or solicitation in section 164 of the Act is replaced by the following:

        solicitation

        solicitation

        • (a) includes

          • (i) a request for a proxy whether or not accompanied by a form of proxy,

          • (ii) a request to execute or not to execute a form of proxy or to revoke a proxy,

          • (iii) the sending of a form of proxy or other communication to a shareholder or policyholder under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy, and

          • (iv) the sending of a form of proxy to a shareholder or policyholder under section 164.03; but

        • (b) does not include

          • (i) the sending of a form of proxy in response to an unsolicited request made by or on behalf of a shareholder or policyholder,

          • (ii) the performance of administrative acts or professional services on behalf of a person soliciting a proxy,

          • (iii) the sending by an intermediary of the documents referred to in subsection 164.06(1),

          • (iv) a solicitation by a person in respect of shares of which they are the beneficial owner,

          • (v) a prescribed public announcement by a shareholder or policyholder of how they intend to vote and the reasons for that decision,

          • (vi) a communication for the purposes of obtaining the support of persons in accord­ance with paragraph 147(1.1)(b), or

          • (vii) a communication, other than a solic­itation by or on behalf of the management of a company, that is made to shareholders or policyholders in the prescribed circumstances. (sollicitation)

  • — 2005, c. 54, s. 322(2)

    • 2001, c. 9, s. 465
      • 322 (2) The definition solicit or solicitation in section 785 of the Act is replaced by the following:

        solicitation

        solicitation

        • (a) includes

          • (i) a request for a proxy whether or not accompanied by a form of proxy,

          • (ii) a request to execute or not to execute a form of proxy or to revoke a proxy,

          • (iii) the sending of a form of proxy or other communication to a shareholder under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy, and

          • (iv) the sending of a form of proxy to a shareholder under subsection 788(1); but

        • (b) does not include

          • (i) the sending of a form of proxy in response to an unsolicited request made by or on behalf of a shareholder,

          • (ii) the performance of administrative acts or professional services on behalf of a person soliciting a proxy,

          • (iii) the sending by an intermediary of the documents referred to in subsection 791(1),

          • (iv) a solicitation by a person in respect of shares of which they are the beneficial owner,

          • (v) a prescribed public announcement by a shareholder of how they intend to vote and the reasons for that decision,

          • (vi) a communication for the purposes of obtaining the support of persons in accord­ance with paragraph 770(1.1)(b), or

          • (vii) a communication, other than a solic­itation by or on behalf of the management of an insurance holding company, that is made to shareholders in the prescribed circumstances. (sollicitation)

  • — 2012, c. 5, s. 129

    • 2007, c. 6, s. 223
      • 129 (1) Paragraph 461(a) of the Act is replaced by the following:

        • (a) the aggregate of the amounts so paid or transferred in that financial year does not exceed the percentage of the portion of the profits of the participating account that is determined by the directors as the portion to be distributed for that financial year to the shareholders and participating policyholders, which percentage shall not exceed the percentage that is calculated in accordance with the regulations;

      • (2) Section 461 of the Act is renumbered as subsection 461(1) and is amended by adding the following:

        • Regulations

          (2) The Governor in Council may make regulations respecting the manner of calculating the percentage for the purposes of paragraph (1)(a).

  • — 2018, c. 12, s. 329(1)

      • 329 (1) Paragraphs 441(1)(d) and (d.1) of the Insurance Companies Act are replaced by the following:

        • (c.1) subject to sections 475 and 478 and the regulations, engage in any activity that relates to the provision of financial services by the company or any of its affiliates;

        • (d) subject to the regulations, engage in any of the following activities:

          • (i) collecting, manipulating and transmitting information, and

          • (ii) designing, developing, manufacturing, selling and otherwise dealing with technology, if those activities relate to

            • (A) an activity referred to in this subsection or subsection (1.1) that is engaged in by the company or any of its affiliates, or

            • (B) the provision of financial services by any other entity,

  • — 2018, c. 12, ss. 329(3) to (5)

      • 329 (3) Paragraph 441(4)(a) of the Act is replaced by the following:

        • (a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in any of paragraphs (1)(c.1) and (d) and subsection (1.1);

      • (4) Subparagraph 441(4)(b)(ii) of the English version of the Act is replaced by the following:

        • (ii) the carrying on of the activities referred to in any of paragraphs (1)(c.1) and (d) and subsection (1.1); and

      • (5) Paragraph 441(4)(c) of the Act is replaced by the following:

        • (c) respecting the circumstances in which a company may engage in the activities referred to in paragraphs (1)(c.1) and (d), including the circumstances in which a company may collect, manipulate and transmit information under subparagraph (1)(d)(i).

  • — 2018, c. 12, s. 330

    • 330 Section 442 of the Act is replaced by the following:

      • Networking
        • 442 (1) Subject to the regulations, a company may

          • (a) act as agent for any person in respect of

            • (i) the carrying on of any activity referred to in subsection 441(1) or (1.1) that is engaged in by a financial institution, by a permitted entity as defined in subsection 490(1), if that definition were read without reference to the requirements of subsections 495(6) to (8), or by a prescribed entity, or

            • (ii) the provision of any service that relates to financial services and that is provided by an institution or entity referred to in subparagraph (i);

          • (b) enter into an arrangement with any person in respect of the carrying on of an activity referred to in subparagraph (a)(i) or the provision of a service referred to in subparagraph (a)(ii); and

          • (c) refer any person to another person.

        • Regulations

          (2) The Governor in Council may make regulations

          • (a) respecting the disclosure of the name of the person for whom a company is acting as agent under subsection (1);

          • (b) respecting the disclosure of any commission being earned by a company when acting as agent under subsection (1);

          • (c) respecting the circumstances in which a company may act as an agent, enter into an arrangement or refer a person under subsection (1); and

          • (d) imposing terms and conditions in respect of the carrying on of activities under that subsection.

      • Regulations

        442.1 The Governor in Council may, for the purposes of section 440 and subsection 442(1), make regulations respecting what a company is prohibited from doing when acting as an agent or when making referrals.

  • — 2018, c. 12, s. 331, as amended by 2018, c. 27, s. 155(E)

      • 331 (1) Section 495 of the Act is amended by adding the following after subsection (2):

        • Permitted investments

          (2.1) Subject to subsections (3) and (6) to (8), Part XI and the regulations made under paragraphs (2.2)(b) and (c), a life company may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a life company is permitted to engage in under subsection 440(2).

        • Regulations

          (2.2) The Governor in Council may make regulations

          • (a) defining, for the purposes of this section, the word “majority”;

          • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a life company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

          • (c) respecting the circumstances in which a life company may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

      • (2) Subparagraph 495(3)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4); or

      • (3) Section 495 of the Act is amended by adding the following after subsection (4):

        • Permitted investments

          (4.1) Subject to subsections (5) to (8), Part XI and the regulations made under paragraphs (4.2)(a) and (b), a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a property and casualty company, or a marine company, is permitted to engage in under subsection 440(2).

        • Regulations

          (4.2) The Governor in Council may make regulations

          • (a) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, under subsection (4.1); and

          • (b) respecting the circumstances in which a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (4.1).

      • (4) Subparagraph 495(5)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (4) or (4.1) or 493(2) or paragraph 493(3)(b) or (c); or

      • (5) Subsection 495(7) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (d) and (d.1).

      • (6) Paragraph 495(9)(a) of the Act is replaced by the following:

        • (a) the company is acquiring control of an entity, other than a specialized financing entity, under subsection (2), (2.1), (4) or (4.1) and the only reason for which the company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b) or (4)(b);

  • — 2018, c. 12, s. 332

    • 332 The Act is amended by adding the following after section 495:

      • Regulations

        495.1 The Governor in Council may make regulations

        • (a) respecting the circumstances in which a company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a company is permitted to engage in under paragraph 441(1)(c.1) or (d), including the circumstances in which a company is prohibited from doing so; and

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 333

    • 333 Paragraph 528(1)(c) of the Act is replaced by the following:

      • (c) consists of a written contract with the related party for the purpose of having either one of them act as an agent or make referrals;

  • — 2018, c. 12, s. 334

      • 334 (1) Paragraphs 542(2)(d) and (e) of the Act are replaced by the following:

        • (d) subject to the regulations, act as an agent for a person, or enter into any other arrangement with a person, in respect of the provision of a service by

          • (i) a financial institution that is primarily engaged in an insurance business, or

          • (ii) an entity in which a society is permitted to acquire a substantial investment under section 554, if that section were read without reference to the requirements of subsections 554(4) and (5); and

        • (e) refer any person to another person.

      • (2) Section 542 of the Act is amended by adding the following after subsection (5):

        • Regulations

          (6) The Governor in Council may, for the purposes of paragraphs (2)(d) and (e), make regulations

          • (a) respecting the circumstances in which a society may act;

          • (b) imposing terms and conditions in respect of what a society may do; and

          • (c) respecting what a society is prohibited from doing when acting as an agent or when making referrals.

  • — 2018, c. 12, s. 335

      • 335 (1) Section 554 of the Act is amended by adding the following after subsection (2):

        • Permitted investments

          (2.1) Subject to subsections (3) and (4) and the regulations made under paragraphs (2.2)(b) and (c), a society may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (c), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a property and casualty company is permitted to engage in under subsection 440(2).

        • Regulations

          (2.2) The Governor in Council may make regulations

          • (a) defining, for the purposes of subsection (2.1), the word “majority”;

          • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

          • (c) respecting the circumstances in which a society may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1).

      • (2) Subparagraph 554(3)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 552(2) or paragraph 552(3)(b) or (c); or

      • (3) Subsection 554(5) of the Act is replaced by the following:

        • Minister’s approval

          (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1) or an entity whose activities are limited to activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d).

  • — 2018, c. 12, s. 336

    • 336 The Act is amended by adding the following after section 554:

      • Regulations

        554.1 The Governor in Council may make regulations

        • (a) respecting the circumstances in which a society may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d), including the circumstances in which a society is prohibited from doing so; and

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 337

      • 337 (1) Section 971 of the Act is amended by adding the following after subsection (2):

        • Permitted investments

          (2.1) Subject to subsections (3) to (6) and the regulations made under paragraphs (2.2)(b) and (c), an insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs 495(1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a company is permitted to engage in under subsection 440(2).

        • Regulations

          (2.2) The Governor in Council may make regulations

          • (a) defining, for the purposes of subsection (2.1), the word “majority”;

          • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that an insurance holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and

          • (c) respecting the circumstances in which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1).

      • (2) Subparagraph 971(3)(d)(ii) of the Act is replaced by the following:

        • (ii) in the case of an entity that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2) or (2.1); or

      • (3) Subsection 971(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (5)(d) and (d.1).

      • (4) Paragraph 971(7)(a) of the Act is replaced by the following:

        • (a) the insurance holding company is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the insurance holding company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);

  • — 2018, c. 12, s. 338

    • 338 The Act is amended by adding the following after section 971:

      • Regulations

        971.1 The Governor in Council may make regulations

        • (a) respecting the circumstances in which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a company is permitted to engage in under paragraph 441(1)(c.1) or (d); and

        • (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).

  • — 2018, c. 12, s. 339

      • 339 (1) Paragraphs 1019.1(1)(a) and (b) of the Act are replaced by the following:

        • (a) paragraph 441(1)(h);

        • (b) paragraphs 495(7)(b.1) and (c);

      • (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following:

        • (e) paragraphs 971(5)(b.1) and (c).

  • — 2018, c. 12, s. 342

    • 342 Subsection 2(1) of the Insurance Companies Act is amended by adding the following in alphabetical order:

      infrastructure asset

      infrastructure asset means a physical asset, including a long-lived physical asset that supports the delivery of public services, prescribed by regulation. (infrastructure)

      permitted infrastructure entity

      permitted infrastructure entity means an entity that, in accordance with prescribed conditions, only makes investments in infrastructure assets or engages in any other activity prescribed by regulation. (entité d’infrastructure admissible)

  • — 2018, c. 12, s. 343

    • 343 The Act is amended by adding the following after section 2.1:

      • Regulations — permitted infrastructure entities

        2.2 The Governor in Council may make regulations prescribing

        • (a) physical assets for the purposes of the definition infrastructure asset;

        • (b) activities in which a permitted infrastructure entity is permitted to engage; and

        • (c) conditions applicable to investments made and other activities carried out by permitted infrastructure entities.

  • — 2018, c. 12, s. 344

      • 344 (1) Section 495 of the Act is amended by adding the following after subsection (2):

        • Permitted infrastructure entities

          (2.1) Subject to subsection (3) and Part XI, a life company may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

      • (2) The portion of subsection 495(3) of the Act before paragraph (a) is replaced by the following:

        • Restriction

          (3) A life company may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

      • (3) Subparagraphs 495(3)(d)(i) and (ii) of the Act are replaced by the following:

        • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the company, the company itself would be permitted under this Part to acquire a substantial investment in the other entity,

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4), or

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.1); or

      • (4) Subsection 495(9) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (b):

        • (b.1) the company is acquiring control of, or acquiring or increasing a substantial investment in, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities; or

  • — 2018, c. 12, s. 345

    • 345 Section 501 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) for the purposes of subsection 495(2.1), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a life company.

  • — 2018, c. 12, s. 346

      • 346 (1) Section 554 of the Act is amended by adding the following after subsection (2):

        • Permitted infrastructure entities

          (2.1) Subject to subsection (3), a society may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

      • (2) The portion of subsection 554(3) of the Act before paragraph (a) is replaced by the following:

        • Restriction

          (3) A society may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

      • (3) Subparagraphs 554(3)(d)(i) and (ii) of the Act are replaced by the following:

        • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the society, the society itself would be permitted under this Part to acquire a substantial investment in the other entity,

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 552(2) or paragraph 552(3)(b) or (c), or

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (2.1); or

      • (4) Subsection 554(5) of the Act is replaced by the following:

        • Minister’s approval

          (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than a permitted infrastructure entity or an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities.

      • (5) Subsection 554(9) of the Act is amended by striking out “and” at the end of paragraph (a), by adding “and” at the end of paragraph (b) and by adding the following after paragraph (b):

        • (c) for the purposes of subsection (2.1), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a society.

  • — 2018, c. 12, s. 347

      • 347 (1) Section 971 of the Act is amended by adding the following after subsection (2):

        • Permitted infrastructure entities

          (2.1) Subject to subsection (3), an insurance holding company may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

      • (2) The portion of subsection 971(3) of the Act before paragraph (a) is replaced by the following:

        • Restriction

          (3) An insurance holding company may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

      • (3) Subparagraphs 971(3)(d)(i) and (ii) of the Act are replaced by the following:

        • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the insurance holding company, a company would be permitted under Part IX to acquire a substantial investment in the other entity,

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2) or (2.1), or

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 495(2.1); or

      • (4) Subsection 971(7) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (b):

        • (b.1) the insurance holding company is acquiring control of, or acquiring or increasing a substantial investment in, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities; or

  • — 2018, c. 12, s. 348

    • 348 Section 977 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) for the purposes of subsection 971(2.1), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by an insurance holding company.

  • — 2018, c. 12, s. 349

      • 349 (1) On the first day on which both subsections 331(1) and 344(1) of this Act are in force, subsection 495(2.1) of the Insurance Companies Act, as enacted by that subsection 344(1), is renumbered as subsection 495(2.01) and, if necessary, is repositioned accordingly.

      • (2) On the first day on which both subsections 331(2) and 344(3) of this Act are in force, subparagraphs 495(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4),

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or

      • (3) On the first day on which both subsection 331(1) and section 345 of this Act are in force, paragraph 501(e) of the Insurance Companies Act is replaced by the following:

        • (e) for the purposes of subsection 495(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a life company.

      • (4) On the first day on which both subsections 335(1) and 346(1) of this Act are in force, subsection 554(2.1) of the Insurance Companies Act, as enacted by that subsection 346(1), is renumbered as subsection 554(2.01) and, if necessary, is repositioned accordingly.

      • (5) On the first day on which both subsections 335(2) and 346(3) of this Act are in force, subparagraphs 554(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 552(2) or paragraph 552(3)(b) or (c), or

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or

      • (6) On the first day on which both subsections 335(3) and 346(4) of this Act are in force, subsection 554(5) of the Insurance Companies Act is replaced by the following:

        • Minister’s approval

          (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than a permitted infrastructure entity, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities, an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1) or an entity whose activities are limited to activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d).

      • (7) On the first day on which both subsections 335(1) and 346(5) of this Act are in force, paragraph 554(9)(c) of the Insurance Companies Act is replaced by the following:

        • (c) for the purposes of subsection (2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a society.

      • (8) On the first day on which both subsections 337(1) and 347(1) of this Act are in force, subsection 971(2.1) of the Insurance Companies Act, as enacted by that subsection 347(1), is renumbered as subsection 971(2.01) and, if necessary, is repositioned accordingly.

      • (9) On the first day on which both subsections 337(2) and 347(3) of this Act are in force, subparagraphs 971(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

        • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2), (2.01) or (2.1),

        • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 495(2.01); or

      • (10) On the first day on which both subsection 337(1) and section 348 of this Act are in force, paragraph 977(e) of the Insurance Companies Act is replaced by the following:

        • (e) for the purposes of subsection 971(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by an insurance holding company.

  • — 2020, c. 1, s. 171

    • 171 Section 2 of the Insurance Companies Act is amended by adding the following in alphabetical order:

      regulated foreign entity

      regulated foreign entity means an entity that is

      • (a) incorporated or formed otherwise in a country or territory, other than Canada, in which a trade agreement listed in Schedule IV of the Bank Act is applicable; and

      • (b) subject to financial services regulation in that country or territory. (entité étrangère réglementée)

  • — 2020, c. 1, s. 172

    • 172 Section 262 of the Act is amended by adding the following after subsection (3):

      • Exception

        (3.1) Subject to subsection 268(1.1), subsection (1) does not apply to a company that is a subsidiary of a regulated foreign entity.

  • — 2020, c. 1, s. 173

    • 2007, c. 6, s. 212

      173 Subsection 268(2) of the Act is replaced by the following:

      • Direction — immediate, direct, complete and ongoing access

        (1.1) Where a company referred to in subsection 262(3.1) or 274(3) maintains records referred to in section 261 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the company to maintain a copy of those records or register at any place in Canada as the directors think fit

        • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

        • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the company not to maintain a copy of those records or register in Canada.

      • Company to comply

        (2) A company shall without delay comply with any order issued under subsection (1) or (1.1).

  • — 2020, c. 1, s. 174

    • 174 Section 270 of the Act is replaced by the following:

      • Regulations

        270 The Governor in Council may make regulations respecting the records, papers and documents to be retained by a company, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 268(1.1)(a).

  • — 2020, c. 1, s. 175

    • 175 Section 274 of the Act is amended by adding the following after subsection (2):

      • Exception

        (3) Subject to subsection 268(1.1), subsection (1) does not apply to a company that is a subsidiary of a regulated foreign entity.

  • — 2020, c. 1, s. 176

    • 176 Section 549.1 of the Act is renumbered as subsection 549.1(1) and is amended by adding the following:

      • For greater certainty

        (2) For greater certainty, subsection 262(3.1) does not apply to societies.

  • — 2020, c. 1, s. 177

    • 177 Section 647 of the Act is amended by adding the following after subsection (3):

      • Exception

        (4) Subject to subsection 268(1.1), subsection (3) does not apply to a foreign company incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV of the Bank Act is applicable or that is a subsidiary of a regulated foreign entity.

  • — 2020, c. 1, s. 178

    • 178 Subsection 656(2) of the Act is replaced by the following:

      • Idem

        (2) Subsections 15(1) and (2), sections 254 to 256 and subsections 268(1) and (2) apply, with such modifications as the circumstances require, to every provincial company for which an order for the commencement and carrying on of business under this Part has been made to the same extent that they are applicable to, or in respect of, a company, but to the extent to which any provision referred to in this section would effect an enlargement, in any respect, of the corporate powers or rights of any provincial company under its incorporating instrument, that provision does not apply to the provincial company.

  • — 2020, c. 1, s. 179

    • 179 Section 870 of the Act is amended by adding the following after subsection (1):

      • Exception

        (1.1) Subject to subsection 876(1.1), subsection (1) does not apply to an insurance holding company that is a subsidiary of a regulated foreign entity.

  • — 2020, c. 1, s. 180

    • 2007, c. 6, s. 322

      180 Subsection 876(2) of the Act is replaced by the following:

      • Direction — immediate, direct, complete and ongoing access

        (1.1) Where an insurance holding company referred to in subsection 870(1.1) or 274(3) maintains records referred to in section 869 or the central securities register at a place outside Canada, the Superintendent may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), by order, direct the insurance holding company to maintain a copy of those records or register at any place in Canada as the directors think fit

        • (a) if the Superintendent is of the opinion that he or she does not have immediate, direct, complete and ongoing access to those records or register; or

        • (b) if the Superintendent is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the insurance holding company not to maintain a copy of those records or register at any place in Canada.

      • Insurance holding company

        (2) An insurance holding company shall without delay comply with any order issued under subsection (1) or (1.1).

  • — 2020, c. 1, s. 181

    • 2001, c. 9, s. 465

      181 Section 878 of the Act is replaced by the following:

      • Regulations

        878 The Governor in Council may make regulations respecting the records, papers and documents to be retained by an insurance holding company, including the length of time those records, papers and documents are to be retained, and what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph 876(1.1)(a).

  • — 2020, c. 1, s. 182

    • 182 Section 879 of the Act is amended by adding the following after paragraph (a):

      • (b) the reference to “subsection 268(1.1)” in subsection 274(3) is to be read as a reference to “subsection 876(1.1)”;

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