Insurance Companies Act

Marginal note:Minimum number of directors

• 796 (1) An insurance holding company shall have at least seven directors.

• Marginal note:Residency requirement

  (2) At least one half of the directors of an insurance holding company that is a subsidiary of a foreign institution and a majority of the directors of any other insurance holding company must be, at the time of each director’s election or appointment, resident Canadians.