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Insurance Business (Banks and Bank Holding Companies) Regulations (SOR/92-330)

Regulations are current to 2019-12-03 and last amended on 2012-03-01. Previous Versions

Prohibited Activities (continued)

  •  (1) No bank holding company shall control a trust or loan corporation incorporated by or under an Act of the legislature of a province if the trust or loan corporation directly or indirectly provides an insurance company, agent or broker with any information in respect of

    • (a) a customer of the trust or loan corporation in Canada;

    • (b) an employee in Canada of a customer of the trust or loan corporation;

    • (c) where a customer of the trust or loan corporation is an entity with members in Canada, any such member; or

    • (d) where a customer of the trust or loan corporation is a partnership with partners in Canada, any such partner.

  • (2) Subsection (1) does not apply in respect of a bank holding company or a trust or loan corporation if

    • (a) the bank holding company or the trust or loan corporation has established procedures to ensure that the information referred to in that subsection will not be used by an insurance company, agent or broker to promote in Canada

      • (i) the insurance company, agent or broker, or

      • (ii) an insurance policy or a service in respect of an insurance policy; and

    • (b) the insurance company, agent or broker, as the case may be, has given an undertaking to the bank holding company or to the trust or loan corporation, in a form acceptable to the Superintendent, that the information will not be used to promote in Canada

      • (i) the insurance company, agent or broker, or

      • (ii) an insurance policy or a service in respect of an insurance policy.

  • SOR/2002-269, s. 6

 No bank shall provide a telecommunications device that is primarily for the use of customers in Canada and that links a customer with an insurance company, agent or broker.

 A bank shall not carry on business in Canada on premises that are adjacent to the premises of an insurance company, agent or broker unless the bank clearly indicates to its customers that its business and the premises on which its business is carried on are separate and distinct from those of the insurance company, agent or broker.

  • SOR/2011-183, s. 7

Transitional

 Where a bank administered a policy on May 6, 1992 the administration of which is not permitted under section 4, the bank may continue to administer the policy in respect of any person in respect of whom coverage was provided under the policy on that date.

 
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