Insurance Companies Act

Marginal note:Application for order

• 574 (1) On application by a foreign entity, 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 foreign entity.

• Marginal note:Reciprocal treatment

  (2) If the application is made by a foreign entity that is not controlled by a WTO Member resident, the Minister shall not approve the making of an order under subsection (1) unless the Minister is satisfied that treatment as favourable for companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign entity principally carries on business, either directly or through a subsidiary.