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Insurance Companies Act

Version of section 523 from 2007-04-20 to 2024-03-06:


Marginal note:Reinsurance

  •  (1) A company may, subject to subsection (2) and to Division III of Part VI, cause itself to be reinsured by a related party of the company against any risk undertaken by the company under its policies.

  • Marginal note:Restriction re related parties

    (2) Except with the approval of the Superintendent, a company may cause itself to be reinsured in respect of risks undertaken under its policies by a related party of the company only if the related party is

    • (a) a company; or

    • (b) a foreign company that, in Canada, reinsures those risks.

  • Marginal note:Exception

    (3) The approval of the Superintendent under subsection (2) is not required if the reinsurance transaction was approved by the Minister or the Superintendent under subsection 254(2) or (2.01).

  • 1991, c. 47, s. 523
  • 2007, c. 6, s. 243

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