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Insurance Companies Act

Version of section 579 from 2007-04-20 to 2024-04-01:


Marginal note:Application

  •  (1) An application for an order under subsection 574(1) must be filed with the Superintendent, together with the information, material and evidence that the Superintendent may require, including

    • (a) documents relating to the constitution of the foreign entity;

    • (b) a power of attorney to the chief agent appointed under subsection (3), in the form that the Superintendent may require;

    • (c) a statement, in the form that the Superintendent may require, of the financial condition of the foreign entity and of the business of insurance undertaken by the foreign entity, and any additional statements or information that the Superintendent may require as to its solvency and its ability to meet all of its obligations;

    • (d) evidence satisfactory to the Superintendent that the foreign entity is authorized under the laws of the country where it is incorporated or formed to insure risks within each class of insurance in Canada that that foreign entity has applied to insure;

    • (e) in the case of a foreign fraternal benefit society,

      • (i) a report of an actuary appointed by the foreign fraternal benefit society, in the form that the Superintendent may require, on the results of an actuarial valuation made by the actuary, as of the preceding December 31 or as of any later date specified by the Superintendent, of each of the benefit funds maintained by the foreign fraternal benefit society, having regard to the prospective liabilities of and contributions to each fund, and

      • (ii) the opinion of the actuary that the assets of the foreign fraternal benefit society applicable to each fund, taken at the value accepted by the Superintendent, together with the premiums, dues and other contributions to be received after the date of the valuation from the members according to the scale in force at the date of the valuation, are sufficient to provide for the payment at maturity of all of the obligations of the fund without deduction or abatement; and

    • (f) a copy of the resolution respecting the investment and lending policies, standards and procedures that the foreign entity is to establish and adhere to in accordance with subsection 615(1).

  • Marginal note:Contents of power of attorney

    (2) A power of attorney referred to in paragraph (1)(b) must expressly authorize the chief agent to receive all notices under the laws of Canada from the Minister or the Superintendent.

  • Marginal note:Appointment of chief agent

    (3) A foreign company shall appoint a natural person who is ordinarily resident in Canada to be its chief agent for the purposes of this Part.

  • 1991, c. 47, s. 579
  • 1997, c. 15, s. 302
  • 2007, c. 6, s. 264

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