An Act to amend certain Acts in relation to financial institutions (S.C. 2005, c. 54)
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Assented to 2005-11-25
1991, c. 47INSURANCE COMPANIES ACT
Marginal note:2001, c. 9, s. 465
356. Subsection 907(1) of the Act is replaced by the following:
Marginal note:Auditor of subsidiaries
907. (1) An insurance holding company shall take all necessary steps to ensure that
(a) its auditor is the auditor of each of its subsidiaries; and
(b) in the case of a subsidiary with more than one auditor, the auditor of the insurance holding company is one of the subsidiary’s auditors.
Marginal note:2001, c. 9, s. 465
357. Paragraph 912(2)(a) of the Act is replaced by the following:
(a) the complainant has, not less than 14 days before bringing the application or as otherwise ordered by the court, given notice to the directors of the insurance holding company or the insurance holding company’s subsidiary of the complainant’s intention to apply to the court under subsection (1) if the directors of the insurance holding company or the insurance holding company’s subsidiary do not bring, diligently prosecute or defend or discontinue the action;
358. Subsection 915(1) of the French version of the Act is replaced by the following:
Marginal note:Absence de cautionnement
915. (1) Les plaignants ne sont pas tenus de fournir de cautionnement pour les frais.
Marginal note:2001, c. 9, s. 465
359. Section 941 of the Act is replaced by the following:
Marginal note:Exemption by Minister
941. (1) On application by an insurance holding company and subject to any terms and conditions that the Minister considers appropriate, the Minister may by order exempt the insurance holding company from the requirements of section 938 if the Minister considers it appropriate to do so.
Marginal note:Compliance with s. 938
(2) The insurance holding company shall comply with section 938 as of the day on which the exemption order expires.
Marginal note:Limit on assets
(3) If an insurance holding company fails to comply with section 938 on the day referred to in subsection (2), it shall not, until it complies with that section, have average total assets in any three month period ending on the last day of a subsequent month exceeding its average total assets in the three month period ending on the last day of the month immediately preceding the day referred to in subsection (2) or on any later day that the Minister may specify by order.
Marginal note:Application of s. 939(2)
(4) Subsection 939(2) applies for the purposes of subsection (3).
Marginal note:2001, c. 9, s. 465
360. Subsections 942(3) and (4) of the Act are repealed.
361. The Act is amended by adding the following before section 1008:
Marginal note:Execution of documents
1007.1 Any by-law, notice, resolution, requisition, statement or other document required or permitted to be executed or signed by more than one person for the purposes of this Act may be executed or signed in several documents of like form, each of which is executed or signed by one or more of the persons. The documents if duly executed or signed by all persons required or permitted to sign them are deemed to constitute one document for the purposes of this Act.
Marginal note:2001, c. 9, s. 465
362. Subsection 1010(2) of the Act is replaced by the following:
Marginal note:Undelivered notices
(2) If a company, society, foreign company, provincial company or insurance holding company sends a notice or document to a shareholder, member or policyholder in accordance with section 1008 and it is returned on two consecutive occasions because the shareholder, member or policyholder cannot be found, the company, society, foreign company, provincial company or insurance holding company is not required to send any further notices or documents to them until it is informed in writing of their new address.
Marginal note:2001, c. 9, s. 465
363. Section 1013 of the French version of the Act is replaced by the following:
Marginal note:Mentions au registre des valeurs mobilières
1013. Les mentions au registre des valeurs mobilières et sur les certificats de valeurs mobilières émis par la société ou la société de portefeuille d’assurances établissent que les personnes au nom desquelles les valeurs mobilières sont inscrites sont propriétaires des valeurs mentionnées dans le registre ou sur les certificats.
Marginal note:2001, c. 9, s. 465
364. Section 1021 of the Act is renumbered as subsection 1021(1) and is amended by adding the following:
Marginal note:Incorporation by reference
(2) The regulations may incorporate any material by reference regardless of its source and either as it exists on a particular date or as amended from time to time.
Marginal note:Incorporated material is not a regulation
(3) Material does not become a regulation for the purposes of the Statutory Instruments Act because it is incorporated by reference.
Marginal note:2001, c. 9, s. 465
365. (1) Subparagraph 1027(1)(a)(ii) of the Act is replaced by the following:
(ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and
Marginal note:2001, c. 9, s. 465
(2) Subsection 1027(3) of the Act is replaced by the following:
Marginal note:Additional fine
(3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.
Marginal note:2001, c. 9, s. 465
366. Section 1032 of the Act is replaced by the following:
Marginal note:Appeal of final order
1032. (1) An appeal lies to the court of appeal of a province from any final order made by a court of that province under this Act.
Marginal note:Appeal with leave
(2) An appeal lies to the court of appeal of a province from any order, other than a final order made by a court of that province, only with leave of the court of appeal in accordance with the rules applicable to that court.
367. The Act is amended by adding the following after section 1033:
PART XXDOCUMENTS IN ELECTRONIC OR OTHER FORM
Marginal note:Definitions
1034. The following definitions apply in this Part.
“electronic document”
« document électronique »
“electronic document” means, except in section 1043, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means.
“information system”
« système de traitement de l’information »
“information system” means a system used to generate, send, receive, store or otherwise process an electronic document.
Marginal note:Application
1035. This Part other than sections 1046 and 1047 does not apply in respect of any notice, document or other information that under this Act or the regulations is sent to or issued by the Minister, the Superintendent or the Commissioner or any prescribed notice, document or information.
Marginal note:Use not mandatory
1036. Nothing in this Act or the regulations requires a person to create or provide an electronic document.
Marginal note:Consent and other requirements
1037. (1) Despite anything in this Part, a requirement under this Act or the regulations to provide a notice, document or other information is not satisfied by providing an electronic document unless
(a) the addressee consents and designates an information system for the receipt of the electronic document;
(b) the electronic document is, unless otherwise prescribed, provided to the designated information system; and
(c) the prescribed requirements are complied with.
Marginal note:Regulations — revocation of consent
(2) The Governor in Council may make regulations respecting the revocation of the consent referred to in paragraph (1)(a).
Marginal note:Creation or provision of information
1038. A requirement under this Act or the regulations to create or provide a notice, document or other information is satisfied by creating or providing an electronic document if
(a) the incorporating instrument or by-laws of the company, insurance holding company, foreign company, society or provincial company, as the case may be, do not provide otherwise; and
(b) the prescribed requirements are complied with.
Marginal note:Creation of information in writing
1039. A requirement under this Act or the regulations to create a notice, document or other information in writing is satisfied by creating an electronic document if in addition to the conditions set out in section 1038
(a) the information in the electronic document is accessible so as to be usable for subsequent reference; and
(b) the prescribed requirements are complied with.
Marginal note:Provision of information in writing
1040. A requirement under this Act or the regulations to provide a notice, document or other information in writing is satisfied by providing an electronic document if in addition to the conditions set out in section 1038
(a) the information in the electronic document is accessible by the addressee and capable of being retained by them so as to be usable for subsequent reference; and
(b) the prescribed requirements are complied with.
Marginal note:Multiple copies
1041. A requirement under this Act or the regulations to provide two or more copies of a document at the same time to one addressee is satisfied by providing one copy of the electronic document.
Marginal note:Registered mail
1042. A requirement under this Act or the regulations to provide a document by registered mail is not satisfied by providing an electronic document except in the prescribed circumstances.
Marginal note:Statutory declarations and affidavits
1043. (1) A statutory declaration or affidavit required under this Act or the regulations may be created or provided in an electronic document if
(a) the person who makes the statutory declaration or affidavit signs it with their secure electronic signature;
(b) the authorized person before whom the statutory declaration or affidavit is made signs it with their secure electronic signature; and
(c) the requirements of sections 1036 to 1042 are complied with.
Marginal note:Definitions
(2) For the purposes of this section, “electronic document” and “secure electronic signature” have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.
Marginal note:References to “electronic document”
(3) For the purpose of complying with paragraph (1)(c), references to “electronic document” in sections 1036 to 1042 are to be read as references to “electronic document within the meaning of subsection 31(1) of the Personal Information Protection and Electronic Documents Act”.
Marginal note:Signatures
1044. A requirement under this Act or the regulations for a signature or for a document to be executed, except in respect of a statutory declaration or affidavit, is satisfied in respect of an electronic document if the prescribed requirements are complied with and the signature results from the application by the person of a technology or process that permits the following to be proved:
(a) the signature resulting from the use by the person of the technology or process is unique to the person;
(b) the technology or process is used by the person to incorporate their signature into, attach it to or associate it with the electronic document; and
(c) the technology or process can be used to identify the person using the technology or process.
Marginal note:Regulations — provision and receipt of documents
1045. The Governor in Council may make regulations respecting the time and place at which and the circumstances under which an electronic document is considered to be provided or received.
Marginal note:Content and form of notices and documents
1046. The Minister, Superintendent or Commissioner may establish the requirements for the content and fix the form, including electronic and other forms, of notices and documents sent to or issued by each of them under this Act or the regulations, including
(a) the notices and documents that may be sent in electronic or other form;
(b) the persons or classes of persons who may send notices and documents;
(c) their signature in electronic or other form or their execution, adoption or authorization in a manner that is to have the same effect for the purposes of this Act as their signature;
(d) the time and place at which and the circumstances under which electronic documents are considered to be sent or received; and
(e) any matter necessary for the purposes of the application of this section.
Marginal note:Exemption
1047. In the prescribed circumstances, the Minister, the Superintendent or the Commissioner may, on any conditions that they consider appropriate, exempt from the application of any provision of this Act requiring a notice or document to be sent to them any notice or document, or class of notice or document, containing information similar to that contained in a notice or document required to be made public under any other Act of Parliament or any Act of the legislature of a province.
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