Insurance Companies Act

Marginal note:Restriction on insuring of risks unless authorized

• 573 (1) A foreign entity shall not insure in Canada a risk unless it is authorized by order made under subsection 574(1).

• Marginal note:Restriction to specified classes of insurance

  (2) A foreign company shall not insure in Canada a risk unless the risk falls within a class of insurance that is specified in the order made under subsection 574(1) in respect of the foreign company.

• Marginal note:Restriction on issuance of annuities or endowment insurance

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

• Marginal note:Transitional

  (4) A certificate of registry issued to a foreign entity 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Part VIII of the Canadian and British Insurance Companies Act, or any other authorization, that had not expired or been withdrawn before June 1, 1992 is deemed to be an order made under subsection 574(1) and the foreign entity remains subject to any and all other conditions and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.