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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 XVIIIAdministration (continued)

Orders and Directives

Marginal note:Not statutory instruments

 An instrument issued or made under this Act and directed to a single company, society, foreign company, provincial company, insurance holding company or person, other than an order referred to in section 532, is not a statutory instrument for the purposes of the Statutory Instruments Act.

  • 2001, c. 9, s. 465

Marginal note:Form

 The Superintendent may, by order, establish the form of any application to be made to the Minister or the Superintendent under this Act.

  • 2001, c. 9, s. 465

Applications to Superintendent

Marginal note:Content of applications

  •  (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require:

    • (a) applications for approval under subsection 69(1), 76(2), 79(4), 84(1), 178(1), 238(3), 472(1), 495(8) or (12), 498(1) or (2) or 512(1), subparagraph 519(2)(b)(vi), section 522, subsection 523(2), 527(3) or (4) or 528.3(1), section 542.09 or subsection 544.1(2), 557(1) or (2), 569(1), 597(1), 748(1), 755(2), 757(4), 762(1), 805(1), 851(3), 964(1), 971(6) or (10), 974(1) or 987(1);

    • (b) applications for consent under subsection 75(1) or 754(1);

    • (c) applications for exemptions under subsection 164.04(3) or 789(3); and

    • (d) applications for extensions of time under subsection 498(3) or (5), 499(4), 500(4), 557(3) or (5), 558(4), 559(4), 974(2) or (4), 975(3) or 976(3).

  • Marginal note:Receipt

    (2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received.

  • Marginal note:Notice of decision to applicant

    (3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant

    • (a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or

    • (b) if the Superintendent is not satisfied that the application should be approved, a notice to that effect.

  • Marginal note:Extension of period

    (4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice.

  • Marginal note:Deemed approval

    (5) If the applicant does not receive the notice required by subsection (3) or, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, exemption or extension to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not.

  • 2001, c. 9, s. 465
  • 2007, c. 6, s. 331
  • 2012, c. 5, s. 160

Applications for Certain Approvals

Marginal note:Application for certain approvals

  •  (1) An application for the prior written approval of the Minister in respect of any of the following provisions must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require:

    • (a) paragraphs 441(1)(d), (d.1) and (h);

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

    • (c) paragraph 542(2)(a);

    • (d) subsection 554(5), in relation to an entity that is engaging in any activity referred to in section 441; and

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

  • 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, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.

  • 2007, c. 6, s. 332
  • 2012, c. 5, s. 161

Appeals

Marginal note:Appeal to Federal Court

  •  (1) An appeal lies to the Federal Court from any direction of the Minister made under subsection 428(7), 432(1), 954(7) or 956(1).

  • Marginal note:Powers

    (2) The Federal Court may, in an appeal under subsection (1),

    • (a) dismiss the appeal;

    • (b) set aside the direction or decision; or

    • (c) set aside the direction or decision and refer the matter back for redetermination.

  • Marginal note:Certificate

    (3) For the purposes of an appeal under subsection (1), the Minister shall, at the request of the company, society, foreign company, provincial company, insurance holding company or person making the appeal, provide the company, society, foreign company, provincial company, insurance holding company or person with a certificate in writing setting out the direction or decision appealed from and the reasons why the direction or decision was made.

  • 2001, c. 9, s. 465
  • 2012, c. 31, s. 152

Regulations

Marginal note:Power to make regulations

  •  (1) The Governor in Council may make regulations

    • (a) prescribing anything that is required or authorized by this Act to be prescribed;

    • (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed is to be determined;

    • (c) respecting, for any purpose of any provision of the Act, the determination of the equity of a company or an insurance holding company;

    • (d) defining words and expressions to be defined for the purposes of this Act;

    • (e) requiring the payment of a fee in respect of the filing, examining or issuing of any document or in respect of any action that the Superintendent is required or authorized to take under this Act, and fixing the amount of the fee or the manner of determining its amount;

    • (f) respecting the regulatory capital and total assets of a company, a society, a provincial company or an insurance holding company;

    • (g) respecting the standards of sound business and financial practices for companies, societies, provincial companies and foreign companies;

    • (h) respecting the retention, in Canada, of assets of a company, a society or an insurance holding company;

    • (i) respecting the value of assets of a company, a society or an insurance holding company to be held in Canada and the manner in which those assets are to be held;

    • (j) respecting the protection and maintenance of assets of a company, a society or an insurance holding company, including regulations respecting the bonding of directors, officers and employees of a company, a society or an insurance holding company;

    • (k) respecting the holding of shares and ownership interests for the purposes of section 74, 78 or 753;

    • (l) respecting information, in addition to the information required by section 670 or 996, to be maintained in the register referred to in that section; and

    • (m) generally for carrying out the purposes and provisions of this Act.

  • Marginal note:Incorporation by reference

    (2) The regulations may incorporate any material by reference regardless of its source and either as it exists on a particular date or as amended from time to time.

  • Marginal note:Incorporated material is not a regulation

    (3) Material does not become a regulation for the purposes of the Statutory Instruments Act because it is incorporated by reference.

  • 2001, c. 9, s. 465
  • 2005, c. 54, s. 364
 
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