Insurance Companies Act
Marginal note:Direction to transfer policies or to reinsure risks — foreign company that is a fraternal benefit society
678.6 (1) If the circumstances described in any of paragraphs 679(1.2)(a) to (d) or (f) exist in respect of a foreign company that is a fraternal benefit society, the Superintendent may, by order, subject to any terms and conditions the Superintendent may specify, direct it to transfer all or any portion of its policies in Canada to, or cause itself to be reinsured against all or any portion of the risks undertaken by it in respect of its policies in Canada by, any company, society, foreign company or body corporate incorporated under the laws of a province that is authorized to transact the classes of insurance to be so transferred or reinsured.
(2) The foreign company shall comply with the order within the time that the Superintendent specifies in the order or within any further period specified by the Superintendent.
Marginal note:Opportunity for representations
(3) No order shall be issued to a foreign company under subsection (1) unless the foreign company is provided with a reasonable opportunity to make representations in respect of the matter.
- 2001, c. 9, s. 462
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