Marginal note:Exemption by order of Minister
941 (1) An entity that controls an insurance holding company and that is
(a) an insurance holding company that is in compliance with section 938,
(b) a widely held bank,
(c) a bank that would be in compliance with section 938 if it were an insurance holding company,
(d) a widely held bank holding company,
(e) a bank holding company that would be in compliance with section 938 if it were an insurance holding company,
(f) a body corporate to which the Trust and Loan Companies Act applies that would be in compliance with section 938 if it were an insurance holding company,
(g) a company that would be in compliance with section 938 if it were an insurance holding company,
(h) a mutual company,
(i) an association to which the Cooperative Credit Associations Act applies,
(j) a body corporate that is incorporated and regulated by or under an Act of the legislature of a province and that is a mutual insurance corporation,
(k) a cooperative credit society regulated by or under an Act of the legislature of a province,
(l) a foreign institution, or
(m) a body corporate incorporated or formed by or under an Act of Parliament or of the legislature of a province whose activities, and those of any entities that it controls, are, in the opinion of the Minister, when viewed as a whole, primarily financial,
may apply to the Minister to exempt the insurance holding company from the requirements of section 938.
Marginal note:Terms and conditions
(2) In the case of an entity referred to in any of paragraphs (1)(a) to (l), the Minister may grant the exemption referred to in subsection (1) subject to such terms and conditions as the Minister considers appropriate.
Marginal note:Terms and conditions
(3) In the case of a holding body corporate referred to in paragraph (1)(m), the Minister may grant the exemption referred to in subsection (1) only if the Minister is satisfied that the holding body corporate will, if the exemption is granted, submit to and comply with sections 803 and 938 as though the holding body corporate were an insurance holding company and the Minister may grant the exemption subject to such terms and conditions as the Minister considers appropriate.
Marginal note:Effect of order
(4) Subject to subsection (5) and to such terms and conditions as are set out in an exemption order granted under this section, an insurance holding company in respect of which an exemption order is granted need not comply with section 938.
Marginal note:Expiration of exemption order
(5) The Minister may, by order, direct that an exemption order granted under this section in respect of an insurance holding company shall expire if
(a) the entity that applied for the exemption order ceases to control the insurance holding company;
(b) in the opinion of the Minister, the activities of the holding body corporate referred to in paragraph (1)(m) that applied for the exemption order, whether carried on directly or through entities that it controls, are no longer primarily financial;
(c) the holding body corporate referred to in paragraph (1)(m) that applied for the exemption order ceases to comply with section 803 or 938; or
(d) there is a breach of any term or condition set out in the exemption order.
Marginal note:Compliance with section 938
(6) Where an exemption order granted under this section expires, the insurance holding company in respect of which the exemption order was granted shall comply with section 938 as of the day the exemption order expires.
Marginal note:Limit on assets
(7) Where an insurance holding company fails to comply with section 938 on the day referred to in subsection (6), the insurance holding company shall not, until it complies with section 938, have average total assets in any three month period ending on the last day of a subsequent month exceeding the insurance holding company’s average total assets in the three month period ending on the last day of the month immediately preceding the day referred to in subsection (6) or such later day as the Minister may, by order, specify.
Marginal note:Application of subsection 939(2)
(8) Subsection 939(2) applies for the purposes of subsection (7).
- 2001, c. 9, s. 465
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