Insurance Companies Act

Marginal note:Disqualified persons

• 168 (1) The following persons are disqualified from being directors of a company:

  • (a) a person who is less than eighteen years of age;

  • (b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;

  • (c) a person who has the status of a bankrupt;

  • (d) a person who is not a natural person;

  • (e) a person who is prohibited by subsection 164.08(8) or section 418 or 430 from exercising voting rights attached to shares of the company;

  • (f) a person who is an officer, director or full time employee of an entity that is prohibited by subsection 164.08(8) or section 418 or 430 from exercising voting rights attached to shares of the company;

  • (f.1) a person who is an officer, director, employee or agent of — or any other person nominated by or acting on behalf of — an eligible agent within the meaning of section 406.1;

  • (g) a person who is an agent or employee of Her Majesty in right of Canada or in right of a province;

  • (h) a minister of Her Majesty in right of Canada or in right of a province;

  • (i) a person who is an agent or employee of the government of a foreign country or any political subdivision thereof; and

  • (j) a person who is an insurance agent or broker of the company.

• Marginal note:Shareholders disqualified

  (2) A shareholder of a company is disqualified from being a policyholders’ director of the company.

• Marginal note:Exception

  (3) Paragraph (1)(g) does not apply in respect of a company that is controlled by a body corporate organized in a mutual form the members of which are primarily employees of Her Majesty in right of Canada or in right of a province.