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Converted Company Ownership Regulations (SOR/99-129)

Regulations are current to 2024-05-01

Converted Company Ownership Regulations

SOR/99-129

INSURANCE COMPANIES ACT

Registration 1999-03-12

Converted Company Ownership Regulations

P.C. 1999-423  1999-03-12

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 407(4)Footnote a and (5)Footnote b and paragraph 703(b) of the Insurance Companies ActFootnote c, hereby makes the annexed Converted Company Ownership Regulations.

Interpretation

 In these Regulations, Act means the Insurance Companies Act. (Loi)

Meaning of “Widely Held”

 For the purposes of subsection 407(4) of the Act, a life company is widely held at a particular time if at that time

  • (a) no person has a significant interest in any class of shares of the life company; or

  • (b) where another company acquired all of the voting shares of the life company as a result of the conversion of the life company into a company with common shares and holds all of the voting shares of the life company at that time, no person has a significant interest in

    • (i) any class of shares of the other company, or

    • (ii) any class of non-voting shares of the life company.

Exception

 For the purposes of subsection 407(5) of the Act, the companies in respect of which subsection 407(4) of the Act does not apply are life companies whose total assets in Canada were less than $7.5 billion on December 31, 1991.

Coming into Force

 These Regulations come into force on the day on which they are registered.

 

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