Mutual Company (Life Insurance) Conversion Regulations (SOR/99-128)

1 The following definitions apply in these Regulations.

Act

Act means the Insurance Companies Act. (Loi)

conversion

conversion means the conversion of a life company that is a mutual company into a company with common shares. (transformation)

converted company

converted company means a life company that was a mutual company and that has been converted into a company with common shares and, except for the purposes of paragraphs 4(1)(j) and 5(1)(p), includes a holding body corporate of that company. (société transformée)

converting company

converting company means a life company that is a mutual company that is proposing to convert into a company with common shares. (société en transformation)

effective date

effective date, in respect of a conversion, means the day stated in the letters patent of conversion as the day on which the conversion becomes effective. (version anglaise seulement)

eligibility day

eligibility day means the day selected by a converting company under subsection 4(3). (date d’admissibilité)

eligible policyholder

eligible policyholder means a person who

• (a) on the eligibility day is the holder of a voting policy;

• (b) is the holder of a voting policy issued by a converting company, if the policy was applied for by that person on or before the eligibility day and the application was received by the company within a period specified by the company in the conversion proposal;

• (c) is the holder of a voting policy that lapsed before the company’s eligibility day and was reinstated during the period beginning on the eligibility day and ending 90 days before the day on which the company’s special meeting is held, and was the holder of that policy at the time it lapsed; or

• (d) is included as an eligible policyholder under subsection 4(4). (souscripteur admissible)

holding body corporate

holding body corporate, in respect of a converted company, means a body corporate incorporated as a company under the Act that holds all of the voting shares of the converted company. (société mère)

special meeting

special meeting means a meeting of policyholders referred to in subsection 237(1.1) of the Act. (assemblée extraordinaire)

value

value, in respect of a converting company, means the estimated market value or range of market values referred to in subsection 3(1). (valeur)

voting policy

voting policy, in respect of a converting company, means a policy the holding of which entitles its holder to vote at meetings of policyholders of the converting company, but does not include a policy issued or assumed by a company with common shares that amalgamated with a mutual company after the making of a public announcement by the mutual company of its intention to develop a conversion proposal. (police avec droit de vote)