Insurance Companies Act

Marginal note:Order permitting the insurance of risks in Canada

• 573 (1) A body corporate incorporated elsewhere than in Canada, including an association and an exchange, shall not in Canada insure a risk unless the Superintendent has, by order, approved the insurance in Canada of risks by the body corporate.

• Marginal note:Restriction to specified classes of insurance

  (2) A foreign company shall not in Canada insure a risk unless the risk falls within a class of insurance that is specified in the order of the Superintendent approving the insuring in Canada of risks by the foreign company.

• Marginal note:Annuities restricted to foreign life companies

  (3) Unless authorized to insure in Canada risks falling within the class of life insurance, a foreign company shall not issue annuities in Canada.

• Marginal note:Transitional

  (4) A certificate of registry issued to a body corporate incorporated elsewhere than in Canada, including an association and an exchange, under the Foreign Insurance Companies Act or Part VIII of the Canadian and British Insurance Companies Act, or any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be an order of the Superintendent of indeterminate duration under subsection (1) and the body corporate remains subject to any and all other conditions and limitations contained in the certificate or other authorization.

• Marginal note:Continuance of certificate limitations

  (5) A class of insurance specified in a certificate of registry or other authorization referred to in subsection (4) is deemed to be specified in an order of the Superintendent approving the insuring in Canada of risks by the foreign company.