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

Act current to 2021-05-19 and last amended on 2019-06-17. Previous Versions

PART XIIIForeign Companies (continued)

Release of Assets (continued)

Marginal note:Release of assets to liquidator

 Despite sections 650 and 651, the assets in Canada of a foreign company that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act, be released to the liquidator.

  • 1991, c. 47, s. 652
  • 2007, c. 6, s. 298

Marginal note:Revocation of order

 The Superintendent may revoke the order made under subsection 574(1) in respect of a foreign company if in the opinion of the Superintendent the foreign company is not insuring in Canada risks, or if the foreign company does not

  • (a) provide information to the Superintendent as required by section 664;

  • (b) provide the annual return to the Superintendent as required by section 665;

  • (c) permit the examination authorized by section 648 or 674; or

  • (d) provide any information in its possession or control that is requested for the purpose of any such examination.

  • 1991, c. 47, s. 653
  • 2007, c. 6, s. 298

Marginal note:Deemed revocation

 An order made under subsection 574(1) in respect of a foreign company is deemed to be revoked when an order is made under section 651 or 652 authorizing the release of its assets in Canada.

  • 1991, c. 47, s. 654
  • 1996, c. 6, s. 167
  • 2007, c. 6, s. 298

 [Repealed, 2007, c. 6, s. 298]

PART XIVProvincial Companies

Application

Marginal note:Application of other provisions

  •  (1) Divisions XII to XIV of Part VI, other than subsection 330(2), Parts VIII to XI and Part XX apply to provincial companies.

  • Marginal note:Idem

    (2) Subsections 15(1) and (2) and sections 254 to 256 and 268 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.

  • 1991, c. 47, s. 656
  • 2005, c. 54, s. 303

Order to Commence and Carry on Business

Marginal note:Making of order

  •  (1) Forthwith on the coming into force of this Part, the Superintendent shall make an order approving the commencement and carrying on of business by every provincial company.

  • Marginal note:Order to specify classes of insurance

    (2) An order approving the commencement and carrying on of business by a provincial company under subsection (1) shall specify the classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1).

  • Marginal note:Conditions of order

    (3) An order approving the commencement and carrying on of business by a provincial company may contain such conditions or limitations that are consistent with this Act and relate to the business of the provincial company as the Superintendent deems expedient and necessary.

  • Marginal note:Variations

    (4) In respect of the order approving the commencement and carrying on of business by a provincial company, the Superintendent may at any time, by further order,

    • (a) specify additional classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1),

    • (b) make the order subject to such conditions or limitations that are consistent with this Act and that relate to the business of the provincial company as the Superintendent deems expedient and necessary, or

    • (c) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject,

    but before making any such further order the Superintendent shall provide the provincial company with an opportunity to make representations regarding that further order.

  • (5) and (6) [Repealed, 1996, c. 6, s. 91]

  • 1991, c. 47, s. 657
  • 1996, c. 6, s. 91

Marginal note:Undertaking

 Every provincial company for which an order has been made under section 657 shall provide the Superintendent with an undertaking in such form as may be required by the Superintendent that it will, so long as the order is not rescinded, submit to and comply with all of the provisions of this Act applicable to it in respect of the classes of insurance specified in the order and any conditions or limitations set out in the order.

Marginal note:Transitional

 A provincial company that deposited securities with the Receiver General pursuant to section 76 or 82 of the Canadian and British Insurance Companies Act shall apply for the return of those securities within such period following the coming into force of this section as may be fixed by order of the Governor in Council.

Duties of Directors

Marginal note:Appointment of actuary, auditor and conduct review committee

  •  (1) The directors of a provincial company shall

    • (a) appoint the actuary of the provincial company forthwith after the Superintendent makes an order for the provincial company under section 657;

    • (b) appoint the auditor of the provincial company for the purposes of this Act forthwith after the Superintendent makes an order for the provincial company under section 657; and

    • (c) establish a conduct review committee consisting of at least three directors who are not affiliated with the company, determined in accordance with regulations made under section 170.

  • Marginal note:Duties of conduct review committee

    (2) The conduct review committee of a provincial company shall

    • (a) require the management of the provincial company to establish procedures for complying with Part XI;

    • (b) review those procedures and their effectiveness in ensuring that the provincial company is complying with Part XI;

    • (b.1) if an insurance holding company or a bank holding company that is widely held has a significant interest in any class of shares of the provincial company, establish policies for entering into transactions referred to in section 528.1; and

    • (c) review the practices of the provincial company to ensure that any transactions with related parties of the provincial company that may have a material effect on the stability or solvency of the provincial company are identified.

  • Marginal note:Provincial company report to Superintendent

    (3) A provincial company shall report to the Superintendent on the mandate and responsibilities of the conduct review committee and the procedures established by the committee under paragraph (2)(a).

  • Marginal note:Committee report to directors

    (4) After each meeting of the conduct review committee of a provincial company, the committee shall report to the directors of the provincial company on all transactions and other matters reviewed by the committee.

  • Marginal note:Directors’ report to Superintendent

    (5) Within ninety days after the end of each financial year, the directors of a provincial company shall report to the Superintendent on the proceedings of the conduct review committee and on all transactions and other matters reviewed by the committee during the year.

  • 1991, c. 47, s. 660
  • 2001, c. 9, s. 450

Corporate Records

Marginal note:Provincial company to provide information

  •  (1) A provincial company shall provide the Superintendent with such information, material and evidence, at such times and in such form, as the Superintendent may require, and, without limiting the generality of the foregoing, the information, material and evidence shall include

    • (a) copies of its incorporating instrument and the by-laws of the provincial company; and

    • (b) copies of any of the records referred to in section 662.

  • Marginal note:Names of directors and auditors

    (2) A provincial company shall, within thirty days after each annual meeting of the provincial company, provide the Superintendent with a return showing

    • (a) the name, residence and citizenship of each director holding office immediately following the meeting;

    • (b) the mailing address of each director holding office immediately following the meeting;

    • (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member;

    • (d) the affiliation, within the meaning of section 170, with the provincial company of each director referred to in paragraph (a);

    • (e) the names of the directors referred to in paragraph (a) who are officers or employees of the provincial company or any affiliate of the provincial company, and the positions they occupy;

    • (f) the name of each committee of the provincial company on which each director referred to in paragraph (a) serves;

    • (g) the date of expiration of the term of each director referred to in paragraph (a); and

    • (h) the name, address and date of appointment of the auditor of the provincial company.

  • Marginal note:Changes

    (3) Where

    • (a) any information relating to a director or auditor of a provincial company shown in the latest return made to the Superintendent under subsection (2), other than information referred to in paragraph (2)(c) or (d), becomes inaccurate or incomplete,

    • (b) a vacancy in the position of auditor of the provincial company occurs or is filled by another person, or

    • (c) a vacancy on the board of directors of the provincial company occurs or is filled,

    the provincial company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form.

 
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