Government of Canada / Gouvernement du Canada
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Insurance Companies Act

Version of section 574 from 2003-01-01 to 2007-04-19:

Marginal note:Application for order

  •  (1) On application by a body corporate incorporated elsewhere than in Canada, including an association and an exchange, the Superintendent may, with the approval of the Minister but subject to the other provisions of this Part, make an order approving the insuring in Canada of risks by the body corporate.

  • Marginal note:Reciprocal treatment

    (2) The Minister shall not approve the making of an order under subsection (1) unless the Minister is satisfied that

    • (a) the body corporate will be capable of making a contribution to the financial system in Canada; and

    • (b) if the application is made by a body corporate incorporated elsewhere than in Canada that is not controlled by a WTO Member resident, treatment as favourable for companies to which this Act applies exists or will be provided in the jurisdiction in which the body corporate principally carries on business, either directly or through a subsidiary.

  • 1991, c. 47, s. 574
  • 1999, c. 28, s. 125

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