Trust and Loan Companies Act
Marginal note:Restriction on insurance business
Marginal note:Restriction on acting as agent
(2) A company shall not act in Canada as agent for any person in the placing of insurance and shall not lease or provide space in any branch in Canada of the company to any person engaged in the placing of insurance.
(3) The Governor in Council may make regulations respecting the matters referred to in subsection (1) and regulations respecting relations between companies and
(4) Nothing in this section precludes a company from
Marginal note:No pressure
(5) No company shall exercise pressure on a borrower to place insurance for the security of the company in any particular insurance company, but a company may require that an insurance company chosen by a borrower meet with its approval, which shall not be unreasonably withheld.
(6) For the purposes of this section, the business of insurance includes the issuance of any annuity where the liability thereon is contingent on the death of a person.
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