Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)

• 339 (1) Paragraphs 1019.1(1)(a) and (b) of the Act are replaced by the following:

  • (a) paragraph 441(1)(h);

  • (b) paragraphs 495(7)(b.1) and (c);

• (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following:

  • (e) paragraphs 971(5)(b.1) and (c).

1992, c. 56Green Shield Canada Act

• 340 (1) Paragraph 17(1)(f) of the Green Shield Canada Act is replaced by the following:

  • (f) paragraphs 441(1)(d) and (i), subsection 441(3) and sections 448, 450, 465 to 472 and 476 to 478 of Part VIII;

• (2) Paragraph 17(1)(f) of the Act is replaced by the following:

  • (f) paragraphs 441(1)(c.1), (d) and (i), subsection 441(3) and sections 448, 450, 465 to 472 and 476 to 478 of Part VIII;

Coming into Force

Marginal note:Order in council

341 The provisions of this Subdivision, other than subsections 310(2), 316(2), 324(2), 329(2) and 340(1), come into force on a day or days to be fixed by order of the Governor in Council.

SUBDIVISION BLife Insurance Companies (Infrastructure Investment)

1991, c. 47Insurance Companies Act

342 Subsection 2(1) of the Insurance Companies Act is amended by adding the following in alphabetical order:

343 The Act is amended by adding the following after section 2.1:

• 344 (1) Section 495 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Permitted infrastructure entities

    (2.1) Subject to subsection (3) and Part XI, a life company may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

• (2) The portion of subsection 495(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Restriction

    (3) A life company may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

• (3) Subparagraphs 495(3)(d)(i) and (ii) of the Act are replaced by the following:

  • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the company, the company itself would be permitted under this Part to acquire a substantial investment in the other entity,

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4), or

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.1); or

• (4) Subsection 495(9) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (b.1) the company is acquiring control of, or acquiring or increasing a substantial investment in, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities; or

345 Section 501 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):

• 346 (1) Section 554 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Permitted infrastructure entities

    (2.1) Subject to subsection (3), a society may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

• (2) The portion of subsection 554(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Restriction

    (3) A society may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

• (3) Subparagraphs 554(3)(d)(i) and (ii) of the Act are replaced by the following:

  • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the society, the society itself would be permitted under this Part to acquire a substantial investment in the other entity,

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 552(2) or paragraph 552(3)(b) or (c), or

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (2.1); or

• (4) Subsection 554(5) of the Act is replaced by the following:

  • Marginal note:Minister’s approval

    (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than a permitted infrastructure entity or an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities.

• (5) Subsection 554(9) of the Act is amended by striking out “and” at the end of paragraph (a), by adding “and” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (c) for the purposes of subsection (2.1), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a society.

• 347 (1) Section 971 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Permitted infrastructure entities

    (2.1) Subject to subsection (3), an insurance holding company may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity.

• (2) The portion of subsection 971(3) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Restriction

    (3) An insurance holding company may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include

• (3) Subparagraphs 971(3)(d)(i) and (ii) of the Act are replaced by the following:

  • (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the insurance holding company, a company would be permitted under Part IX to acquire a substantial investment in the other entity,

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2) or (2.1), or

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 495(2.1); or

• (4) Subsection 971(7) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (b.1) the insurance holding company is acquiring control of, or acquiring or increasing a substantial investment in, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities; or

348 Section 977 of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):

Coordinating Amendments

• 349 (1) On the first day on which both subsections 331(1) and 344(1) of this Act are in force, subsection 495(2.1) of the Insurance Companies Act, as enacted by that subsection 344(1), is renumbered as subsection 495(2.01) and, if necessary, is repositioned accordingly.

• (2) On the first day on which both subsections 331(2) and 344(3) of this Act are in force, subparagraphs 495(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4),

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or

• (3) On the first day on which both subsection 331(1) and section 345 of this Act are in force, paragraph 501(e) of the Insurance Companies Act is replaced by the following:

  • (e) for the purposes of subsection 495(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a life company.

• (4) On the first day on which both subsections 335(1) and 346(1) of this Act are in force, subsection 554(2.1) of the Insurance Companies Act, as enacted by that subsection 346(1), is renumbered as subsection 554(2.01) and, if necessary, is repositioned accordingly.

• (5) On the first day on which both subsections 335(2) and 346(3) of this Act are in force, subparagraphs 554(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 552(2) or paragraph 552(3)(b) or (c), or

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or

• (6) On the first day on which both subsections 335(3) and 346(4) of this Act are in force, subsection 554(5) of the Insurance Companies Act is replaced by the following:

  • Marginal note:Minister’s approval

    (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than a permitted infrastructure entity, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities, an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1) or an entity whose activities are limited to activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d).

• (7) On the first day on which both subsections 335(1) and 346(5) of this Act are in force, paragraph 554(9)(c) of the Insurance Companies Act is replaced by the following:

  • (c) for the purposes of subsection (2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a society.

• (8) On the first day on which both subsections 337(1) and 347(1) of this Act are in force, subsection 971(2.1) of the Insurance Companies Act, as enacted by that subsection 347(1), is renumbered as subsection 971(2.01) and, if necessary, is repositioned accordingly.

• (9) On the first day on which both subsections 337(2) and 347(3) of this Act are in force, subparagraphs 971(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following:

  • (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2), (2.01) or (2.1),

  • (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 495(2.01); or

• (10) On the first day on which both subsection 337(1) and section 348 of this Act are in force, paragraph 977(e) of the Insurance Companies Act is replaced by the following:

  • (e) for the purposes of subsection 971(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by an insurance holding company.

Coming into Force

Marginal note:Order in council

350 Sections 342 to 348 come into force on a day to be fixed by order of the Governor in Council.

SUBDIVISION CBank Terminology

R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act

351 The Office of the Superintendent of Financial Institutions Act is amended by adding the following after section 37: