Insurance Business (Authorized Foreign Banks) Regulations

Version of section 5 from 2006-03-22 to 2012-02-29:

  •  (1) No authorized foreign bank shall, in Canada, promote an insurance policy of an insurance company, agent or broker, or a service in respect thereof, unless

    • (a) the policy is of an authorized type of insurance or the service is in respect of such a policy;

    • (b) the policy is to be provided by a corporation without share capital, other than a mutual insurance company or a fraternal benefit society, that carries on business without pecuniary gain to its members and the policy provides insurance to a natural person in respect of the risks covered by travel insurance;

    • (c) the policy is a personal accident insurance policy and the promotion takes place outside a branch of the authorized foreign bank;

    • (d) the service is in respect of a policy referred to in paragraph (b) or of a policy referred to in paragraph (c) that is promoted as described in that paragraph; or

    • (e) the promotion takes place outside a branch of the authorized foreign bank and is directed to

      • (i) all of the holders of credit or charge cards issued by the authorized foreign bank who receive regularly mailed statements of account,

      • (ii) all of the authorized foreign bank’s customers who are natural persons and who receive regularly mailed statements of account, or

      • (iii) the general public.

  • (2) Notwithstanding subsection (1) and section 4, an authorized foreign bank may exclude from a promotion referred to in paragraph (1)(e) or 4(b) persons

    • (a) in respect of whom the promotion would contravene an Act of Parliament or of the legislature of a province;

    • (b) who have notified the authorized foreign bank in writing that they do not wish to receive promotional material from the authorized foreign bank; or

    • (c) who are holders of a credit or charge card that was issued by the authorized foreign bank and in respect of which the account is not in good standing.

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