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

Act current to 2021-06-03 and last amended on 2019-06-17. Previous Versions

PART XIIIForeign Companies (continued)

Self-dealing (continued)

Marginal note:Exception

 A foreign company may vest in trust an asset if the asset was acquired through a transaction described in any of sections 524 to 533 and

  • (a) the transaction was entered into on terms and conditions that are at least as favourable to the foreign company as market terms and conditions, as defined in subsection 534(2); and

  • (b) the foreign company files a notice of the vesting with the Superintendent on vesting the asset in trust.

  • 1991, c. 47, s. 622
  • 1997, c. 15, s. 316
  • 2007, c. 6, s. 293

Actuaries

Appointment

Marginal note:Appointment of actuary

  •  (1) A foreign company that is required by this Act to provide the Superintendent with the report of an actuary shall without delay appoint a person to be the actuary of the foreign company for its insurance business in Canada.

  • Marginal note:Notice of appointment

    (2) A foreign company shall, forthwith after the appointment of an actuary of the foreign company, notify the Superintendent in writing of the appointment.

  • 1991, c. 47, s. 623
  • 1997, c. 15, s. 317

 [Repealed, 1997, c. 15, s. 318]

Marginal note:Chief agent

  •  (1) The chief agent of a foreign company may not be appointed as or hold the position of actuary of the foreign company unless authorized in writing by the Superintendent.

  • Marginal note:Duration of authorization

    (2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day.

  • 1996, c. 6, s. 88.1

Vacancies

Marginal note:Revocation of appointment

  •  (1) A foreign company may revoke the appointment of the actuary of the foreign company.

  • Marginal note:Notice of revocation

    (2) A foreign company shall, forthwith after the revocation of the appointment of the actuary of the foreign company, notify the Superintendent in writing of the revocation.

Marginal note:Ceasing to hold office

  •  (1) A person ceases to hold office as the actuary of a foreign company when

    • (a) the person resigns as actuary of the foreign company;

    • (b) the person ceases to be an actuary;

    • (c) the person dies; or

    • (d) the appointment of the person as actuary of the foreign company is revoked by the foreign company.

  • Marginal note:Effective date of resignation

    (2) The resignation of an actuary of a foreign company becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later.

  • Marginal note:Filling vacancy

    (3) Where a vacancy occurs in the office of actuary of a foreign company, the foreign company shall forthwith notify the Superintendent in writing of the vacancy and fill the vacancy.

  • 1991, c. 47, s. 626
  • 1997, c. 15, s. 319

Marginal note:Statement of actuary

  •  (1) An actuary of a foreign company who resigns or whose appointment is revoked shall submit to the chief agent of the foreign company and the Superintendent a written statement of the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the actuary’s appointment was revoked.

  • Marginal note:Duty of replacement actuary

    (2) Where an actuary of a foreign company resigns or the appointment of an actuary of a foreign company is revoked, no person shall accept an appointment or consent to be appointed as actuary of the foreign company before requesting and receiving from the other actuary the written statement referred to in subsection (1).

  • Marginal note:Exception

    (3) A person may accept an appointment or consent to be appointed as actuary of a company if no reply is received from the other actuary within fifteen days after a request under subsection (2) is made.

  • Marginal note:Effect of non-compliance

    (4) Unless subsection (3) applies, an appointment as actuary of a company is void if subsection (2) is not complied with.

Valuations and Reports

Marginal note:Right to information

  •  (1) On the request of the actuary of a foreign company, the present or former directors, chief agents, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so,

    • (a) permit access to such records held by the foreign company, and

    • (b) provide such information and explanations

    as are, in the opinion of the actuary, necessary to enable the actuary to perform the duties of actuary of the foreign company.

  • Marginal note:No civil liability

    (2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.

Marginal note:Actuary’s valuation

  •  (1) The actuary of a foreign company shall value

    • (a) the actuarial and other policy liabilities of the foreign company with respect to its insurance business in Canada as at the end of a financial year; and

    • (b) any other matters specified in any direction that may be made by the Superintendent.

  • Marginal note:Actuarial practices

    (2) An actuary’s valuation shall be in accordance with generally accepted actuarial practice with such changes as may be determined by the Superintendent and any additional directions that may be made by the Superintendent.

Marginal note:Superintendent may appoint actuary

  •  (1) The Superintendent may appoint an actuary to value the matters referred to in paragraph 629(1)(a) or (b) in relation to a foreign company if the Superintendent is of the opinion that the appointment is necessary. That actuary may not be an actuary of the foreign company.

  • Marginal note:Expenses payable by foreign company

    (2) The expenses incurred in carrying out a valuation under subsection (1) are payable by the foreign company on being approved in writing by the Superintendent.

  • 1996, c. 6, s. 89
  • 1997, c. 15, s. 320

Marginal note:Report to chief agent

 The actuary of a foreign company shall meet with the chief agent of the foreign company at least once during each financial year in order to report, in accordance with generally accepted actuarial practice, on the financial position of the insurance business in Canada of the foreign company, and, where a direction that may be made by the Superintendent so specifies, the expected future financial condition of the foreign company as it affects its insurance business in Canada.

  • 1991, c. 47, s. 630
  • 1997, c. 15, s. 321

Marginal note:Report to chief agent

  •  (1) The actuary of a foreign company shall report in writing to the chief agent of the foreign company any matters that have come to the actuary’s attention in the course of carrying out the duties of the actuary and that in the actuary’s opinion have material adverse effects on the financial condition of the foreign company with respect to its insurance business in Canada and require rectification.

  • Marginal note:Transmission of report

    (2) An actuary of a foreign company who makes a report under subsection (1) shall forthwith provide a copy of it to the directors of the foreign company and to any person designated by them as responsible for the insurance business in Canada of the foreign company.

  • Marginal note:Failure to take action

    (3) Where, in the opinion of the actuary of the foreign company, suitable action is not taken to rectify the matters referred to in subsection (1), the actuary shall forthwith provide a copy of the report to the Superintendent and advise the chief agent of the foreign company that the actuary has done so.

 
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