Insurance Companies Act

Marginal note:Prudential agreement

675.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with

• (a) a company, society or provincial company, for the purposes of implementing any measure designed to maintain or improve its safety and soundness, establishing adequate policies and procedures to protect it against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures; or

• (b) a foreign company, for the purposes of implementing any measure designed to protect the interests of its policyholders and creditors in relation to its insurance business in Canada, establishing adequate policies and procedures to protect it against threats to its integrity or security in relation to its business in Canada or maintaining or improving its adherence to those policies and procedures.