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

Act current to 2022-06-20 and last amended on 2021-06-30. Previous Versions

PART XVIIIAdministration (continued)

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

Delegation

Marginal note:Delegation

 The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries and Ministers of State Act to assist the Minister.

  • 2001, c. 9, s. 465

PART XIXSanctions

Marginal note:Offence

 Every person who, without reasonable cause, contravenes any provision of this Act or the regulations is guilty of an offence.

  • 2001, c. 9, s. 465

Marginal note:False or misleading information

 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.

  • 2007, c. 6, s. 333

Marginal note:Undue preference to creditor

 Every director, officer or employee of a company or a society who wilfully gives or concurs in giving to any creditor of the company or society any fraudulent, undue or unfair preference over other creditors, by giving security to the creditor, by changing the nature of the creditor’s claim or otherwise, is guilty of an offence.

  • 2001, c. 9, s. 465

Marginal note:Failure to provide information

 Every person who, without reasonable cause, refuses or fails to comply with a requirement made under paragraph 674(3)(b) or 1000(3)(b) is guilty of an offence.

  • 2001, c. 9, s. 465

Marginal note:Use of name

 Except to the extent permitted by the regulations, every person who uses the name of a company or of an insurance holding company in a prospectus, offering memorandum, takeover bid circular, advertisement for a transaction related to securities or in any other document in connection with a transaction related to securities is guilty of an offence.

  • 2001, c. 9, s. 465

Marginal note:Punishment

  •  (1) Every person who is guilty of an offence under any of sections 1023 to 1026 is

    • (a) in the case of a natural person, liable

      • (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or

      • (ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and

    • (b) in the case of an entity, liable

      • (i) on summary conviction, to a fine of not more than $500,000, or

      • (ii) on conviction on indictment, to a fine of not more than $5,000,000.

  • Marginal note:Order to comply

    (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted.

  • Marginal note:Additional fine

    (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.

  • 2001, c. 9, s. 465
  • 2005, c. 54, s. 365

Marginal note:Liability of officers, directors, etc.

 If an entity commits an offence under this Act, any officer, director or agent of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 1027(1)(a) for the offence, whether or not the entity has been prosecuted or convicted.

  • 2001, c. 9, s. 465

Marginal note:Limitation period

  •  (1) Proceedings by way of summary conviction in respect of an offence under a provision of this Act may be commenced at any time within, but not later than, two years after the day on which the subject-matter of the proceedings became known, in the case of an offence under a consumer provision, to the Commissioner and, in any other case, to the Superintendent.

  • Marginal note:Certificate of Superintendent or Commissioner

    (2) A document appearing to have been issued by the Superintendent or Commissioner, as the case may be, certifying the day on which the subject-matter of any proceedings became known to the Superintendent or Commissioner is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

  • 2001, c. 9, s. 465

Marginal note:Effect of offence on contracts

 Unless otherwise expressly provided in this Act, a contravention of any provision of this Act or the regulations does not invalidate any contract entered into in contravention of the provision.

  • 2001, c. 9, s. 465

Marginal note:Compliance or restraining order

  •  (1) If a company, a society, a foreign company, a provincial company or an insurance holding company or any director, officer, employee or agent of one does not comply with any provision of this Act or the regulations other than a consumer provision, or, in the case of a company, a society or an insurance holding company, of the incorporating instrument or any by-law of the company, society or insurance holding company, the Superintendent, any complainant or any creditor of the company, society or insurance holding company may, in addition to any other right that person has, apply to a court for an order directing the company, society, foreign company, provincial company, insurance holding company, director, officer, employee or agent to comply with — or restraining the company, society, foreign company, provincial company, insurance holding company, director, officer, employee or agent from acting in breach of — the provision and, on the application, the court may so order and make any further order it thinks fit.

  • Marginal note:Compliance or restraining order — consumer provisions

    (2) If a company or a foreign company or any director, officer, employee or agent of one does not comply with any applicable consumer provision, the Commissioner or any complainant may, in addition to any other right that person has, apply to a court for an order directing the company, foreign company, director, officer, employee or agent to comply with — or restraining the company, foreign company, director, officer, employee or agent from acting in breach of — the consumer provision and, on the application, the court may so order and make any further order it thinks fit.

  • 2001, c. 9, s. 465

Marginal note:Appeal of final order

  •  (1) An appeal lies to the court of appeal of a province from any final order made by a court of that province under this Act.

  • Marginal note:Appeal with leave

    (2) An appeal lies to the court of appeal of a province from any order, other than a final order made by a court of that province, only with leave of the court of appeal in accordance with the rules applicable to that court.

  • 2001, c. 9, s. 465
  • 2005, c. 54, s. 366

Marginal note:Recovery and application of fines

 All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada, instituted by the Attorney General of Canada, and, when recovered, belong to Her Majesty in right of Canada.

[Note: Sections 712 to 763, enacted by 1991, c. 47 have been replaced with provisions enacted by 2001, c. 9, s. 465.]

— 1991, c. 47, s. 763 read as follows:

  • Coming into force

    Footnote *(1) Subject to subsection (2), this Act or any Part thereof, other than subsections 702(4), 713(2), 715(2), 716(2), 719(3), 720(2), 721(2), 722(2), 723(2) and (4), 724(2), 725(2), 726(2), 727(2), 736(2), 742(2), 743(2) and (4), 745(2) and 746(2) and sections 753 to 760, shall come into force on a day or days to be fixed by order of the Governor in Council.

  • Idem

    (2) Subsections 268(1) and (2) shall come into force on the day that is six months after the coming into force of section 261.

  • Return to footnote *[Note: Act, except the provisions set out in section 763, in force June 1, 1992, see SI/92-91.]

  • 2001, c. 9, s. 465

PART XXDocuments in Electronic or Other Form

Marginal note:Definitions

 The following definitions apply in this Part.

electronic document

electronic document means, except in section 1043, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means. (document électronique)

information system

information system means a system used to generate, send, receive, store or otherwise process an electronic document. (système de traitement de l’information)

  • 2005, c. 54, s. 367

Marginal note:Application

 This Part other than sections 1046 and 1047 does not apply in respect of any notice, document or other information that under this Act or the regulations is sent to or issued by the Minister, the Superintendent or the Commissioner or any prescribed notice, document or information.

  • 2005, c. 54, s. 367

Marginal note:Use not mandatory

 Nothing in this Act or the regulations requires a person to create or provide an electronic document.

  • 2005, c. 54, s. 367

Marginal note:Consent and other requirements

  •  (1) Despite anything in this Part, a requirement under this Act or the regulations to provide a notice, document or other information is not satisfied by providing an electronic document unless

    • (a) the addressee consents and designates an information system for the receipt of the electronic document;

    • (b) the electronic document is, unless otherwise prescribed, provided to the designated information system; and

    • (c) the prescribed requirements are complied with.

  • Marginal note:Consent and notice in electronic form

    (1.1) Despite subsection (1), the requirements referred to in paragraph (1)(c) may provide that the consent referred to in paragraph (1)(a) and any notice related to that consent may be provided in electronic form.

  • Marginal note:Regulations — revocation of consent

    (2) The Governor in Council may make regulations respecting the revocation of the consent referred to in paragraph (1)(a).

  • 2005, c. 54, s. 367
  • 2018, c. 27, s. 154

Marginal note:Creation or provision of information

 A requirement under this Act or the regulations to create or provide a notice, document or other information is satisfied by creating or providing an electronic document if

  • (a) the incorporating instrument or by-laws of the company, insurance holding company, foreign company, society or provincial company, as the case may be, do not provide otherwise; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 367

Marginal note:Creation of information in writing

 A requirement under this Act or the regulations to create a notice, document or other information in writing is satisfied by creating an electronic document if in addition to the conditions set out in section 1038

  • (a) the information in the electronic document is accessible so as to be usable for subsequent reference; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 367

Marginal note:Provision of information in writing

 A requirement under this Act or the regulations to provide a notice, document or other information in writing is satisfied by providing an electronic document if in addition to the conditions set out in section 1038

  • (a) the information in the electronic document is accessible by the addressee and capable of being retained by them so as to be usable for subsequent reference; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 367
 
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