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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

PART XVRegulation of Companies, Societies, Foreign Companies and Provincial Companies — Superintendent (continued)

Remedial Powers (continued)

Special Assessments of Companies, Societies, Foreign Companies and Provincial Companies (continued)

Marginal note:Application of certain provisions of the Office of the Superintendent of Financial Institutions Act

  •  (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687.

  • Marginal note:Definitions

    (2) In this section and sections 686 and 687,

    gross premium income

    gross premium income of a company, society, foreign company or provincial company means its premium income from its insurance business in Canada calculated without reduction in respect of reinsurance premiums paid or payable; (produit brut)

    net premiums

    net premiums of a company, society, foreign company or provincial company means its gross premium income less

    • (a) premiums paid or payable in respect of the reinsurance of risks undertaken under its policies in respect of its insurance business in Canada, and

    • (b) dividends paid or allowed by it to its policyholders in respect of its insurance business in Canada. (primes nettes)

    special insurance

    special insurance[Repealed, 2007, c. 6, s. 309]

  • 1991, c. 47, s. 688
  • 1997, c. 15, s. 327
  • 2007, c. 6, s. 309

Marginal note:Advisory committee

  •  (1) The Superintendent may, from among the companies, societies, foreign companies and provincial companies that are subject to an assessment under section 687 on account of the control of a company, society or provincial company or control of the assets of a foreign company, appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising that control.

  • (2) [Repealed, 1996, c. 6, s. 99]

  • 1991, c. 47, s. 689
  • 1996, c. 6, s. 99

 [Repealed, 1996, c. 6, s. 100]

Marginal note:Expenses payable by company, etc.

  •  (1) Where the Superintendent has taken control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii) and the control expires or is relinquished pursuant to section 684 or paragraph 685(a), the Superintendent may direct that the company, society or provincial company be liable for repayment of all or part of the expenses resulting from the taking of control of the company, society or provincial company and assessed against and paid by other companies, societies, provincial companies and foreign companies pursuant to section 687, together with such interest in respect thereof at such rate as is specified by the Superintendent.

  • Marginal note:Expenses payable by foreign company

    (2) Where the Superintendent has taken control of the assets of a foreign company pursuant to subparagraph 679(1)(b)(i) or (ii) and the control expires or is relinquished pursuant to section 684 or paragraph 685(a), the Superintendent may direct that the foreign company be liable for repayment of all or part of the expenses resulting from the taking of control of the assets of the foreign company and assessed against and paid by other companies, societies, foreign companies and provincial companies pursuant to section 687, together with such interest in respect thereof at such rate as is specified by the Superintendent.

  • 1991, c. 47, s. 691
  • 1996, c. 6, s. 101

Marginal note:Reduction of assessments

 Any amount paid to or recovered by Her Majesty under section 691 of this Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be applied to the extent and the manner that may be prescribed.

  • 1991, c. 47, s. 692
  • 1996, c. 6, s. 167
  • 1997, c. 15, s. 328
  • 2001, c. 9, s. 464(F)

PART XVIRegulation of Companies and Foreign Companies — Commissioner

Definition of société

 In the French version of this Part, société means a société or société étrangère within the meaning of section 2.

  • 1991, c. 47, s. 693
  • 2001, c. 9, s. 465

Marginal note:Required information

 A company or foreign company shall provide the Commissioner with the information at the times and in the form that the Commissioner may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions.

  • 1991, c. 47, s. 694
  • 2001, c. 9, s. 465

Marginal note:Confidential information

  •  (1) Subject to subsection (2), information regarding the business or affairs of a company or foreign company or regarding persons dealing with any of them that is obtained by the Commissioner or by any person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions referred to in subsection 5(1) of the Financial Consumer Agency of Canada Act, and any information prepared from that information, is confidential and shall be treated accordingly.

  • Marginal note:Disclosure permitted

    (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (c) to any compensation association designated by order of the Minister under subsection 449(1) or 591(1), for purposes related to its operation; and

    • (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions.

  • 1991, c. 47, s. 695
  • 2001, c. 9, s. 465

Marginal note:Examination

  •  (1) The Commissioner, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

  • Marginal note:Access to records

    (2) The Commissioner or a person acting under the Commissioner’s direction in carrying out his or her duties under subsection (1)

    • (a) has a right of access to any records, including electronic records, of a company or foreign company; and

    • (b) may require the directors or officers of a company or foreign company to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under subsection (1).

  • 1991, c. 47, s. 696
  • 2001, c. 9, s. 465

Marginal note:Power of Commissioner on inquiry

 The Commissioner, in carrying out his or her duties in relation to consumer provisions, has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.

  • 1991, c. 47, s. 697
  • 2001, c. 9, s. 465

Marginal note:Compliance agreement

 The Commissioner may enter into an agreement, called a “compliance agreement”, with a company or foreign company for the purposes of implementing any measure designed to further compliance by it with the consumer provisions.

  • 1991, c. 47, s. 698
  • 2001, c. 9, s. 465

PART XVIIInsurance Holding Companies

Purpose

Marginal note:Purpose

 The purpose of this Part is to provide for the incorporation, formation and regulation of insurance holding companies that are holding bodies corporate of life companies.

  • 1991, c. 47, s. 699
  • 2001, c. 9, s. 465
 
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