Insurance Companies Act

Marginal note:Authority of directors and officers

706 An insurance holding company or a guarantor of an obligation of an insurance holding company may not assert against a person dealing with the insurance holding company or with any person who has acquired rights from the insurance holding company that

• (a) the insurance holding company’s incorporating instrument or any by-laws of the insurance holding company have not been complied with,

• (b) the persons named as directors of the insurance holding company in the most recent return sent to the Superintendent under section 994 are not the directors of the insurance holding company,

• (c) the place named in the incorporating instrument or the by-laws of the insurance holding company is not the head office of the insurance holding company,

• (d) a person held out by the insurance holding company as a director, an officer or a representative of the insurance holding company has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the insurance holding company or usual for any such director, officer or representative, or

• (e) a document issued by any director, officer or representative of the insurance holding company with actual or usual authority to issue the document is not valid or not genuine,

except where the person has or ought to have by virtue of the person’s position with or relationship to the insurance holding company knowledge to that effect.