GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 1003
Superintendent’s directions to insurance holding companies, etc. 1003 (1) If, in the opinion of the Superintendent, an insurance holding company, one of its affiliates or any person with respect to an insurance holding company is committing, or is about to commit, an act or is pursuing, or is about to pursue, a course of conduct that may directly or indirectly be prejudicial to the interests of depositors, policyholders or creditors of a federal financial institution that is affiliated with the insurance holding company, the Superintendent may direct the insurance holding company to (a) cease or refrain from committing the act or pursuing the course of conduct; (b) cause the affiliate or person to cease or refrain from committing the act or pursuing the course of conduct, to the extent it is able to do so; (c) perform any act that in the opinion of the Superintendent is necessary to remedy the situation or minimize the prejudice; or (d) cause the affiliate or person to perform any act that in the opinion of the Superintendent is necessary to remedy the situation or minimize the prejudice, to the extent that the insurance holding company is able to do so. Directions — policies and procedures (1.1) If, in the opinion of the Superintendent, an insurance holding company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies and procedures, the Superintendent may direct the insurance holding company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued under subsection (1) or (1.1) unless the insurance holding company is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) If, in the opinion of the Superintendent, the length of time required for representations to be made might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) to (d) or subsection (1.1) having effect for a period of not more than 15 days. Duration of temporary direction (4) A temporary direction continues to have effect after the expiration of the fifteen day period if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the insurance holding company that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 2001, c. 9, s. 465 2023, c. 26, s. 602 2026, c. 3, s. 326
Insurance Companies Act — I-11.8 1004
Court enforcement 1004 (1) If an insurance holding company is contravening or has failed to comply with a prudential agreement entered into under section 1002 or a direction of the Superintendent issued under subsection 1003(1), (1.1) or (3), or is contravening this Act, or has omitted to do any thing under this Act that it is required to do, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the insurance holding company to comply with the direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 2001, c. 9, s. 465 2023, c. 26, s. 603
Insurance Companies Act — I-11.8 1005
Meaning of senior officer 1005 In sections 1006 and 1007, senior officer means the chief executive officer, secretary, treasurer or controller of an insurance holding company or any other officer reporting directly to the insurance holding company’s board of directors or chief executive officer. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1007
Removal of directors or senior officers 1007 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of an insurance holding company if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 1003, (iii) an order made under subsection 992(3), or (iv) a prudential agreement entered into under section 1002 or an undertaking given by the insurance holding company to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors, policyholders and creditors of any federal financial institution affiliated with the insurance holding company have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the insurance holding company of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the insurance holding company of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The director or senior officer, as the case may be, or the insurance holding company may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1007.1
Execution of documents 1007.1 Any by-law, notice, resolution, requisition, statement or other document required or permitted to be executed or signed by more than one person for the purposes of this Act may be executed or signed in several documents of like form, each of which is executed or signed by one or more of the persons. The documents if duly executed or signed by all persons required or permitted to sign them are deemed to constitute one document for the purposes of this Act. 2005, c. 54, s. 361
Insurance Companies Act — I-11.8 1008
Notice to directors, etc. 1008 (1) A notice or document required by this Act or the regulations, or by the incorporating instrument or by-laws of a company or society, to be sent to a shareholder, policyholder or director of a company, foreign company or provincial company or to a member or director of a society may be sent by prepaid mail addressed to, or may be delivered personally to, (a) the shareholder at the shareholder’s latest address as shown in the records of the company, foreign company or provincial company or its transfer agent; (b) the director at the director’s latest address as shown in the records of the company, society, foreign company or provincial company, or in the latest return made under section 549, 661 or 668; and (c) the policyholder or the member at the policyholder’s or member’s latest address as shown in the records of the company, society, foreign company or provincial company. Notice to directors, etc. (2) A notice or document required by this Act or the regulations, or by the incorporating instrument or by-laws of an insurance holding company to be sent to a shareholder or director of the insurance holding company may be sent by prepaid mail addressed to, or may be delivered personally to, (a) the shareholder at the shareholder’s latest address as shown in the records of the insurance holding company or its transfer agent; and (b) the director at the director’s latest address as shown in the records of the insurance holding company, or in the latest return made under section 994. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1009
Presumption from return 1009 A director named in the latest return sent by a company, a society, a provincial society or an insurance holding company to the Superintendent under section 549, 661, 668 or 994 is presumed for the purposes of this Act to be a director of the company, society, provincial company or insurance holding company referred to in the return. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1010
Presumption of receipt 1010 (1) A notice or document sent by mail in accordance with section 1008 to a shareholder, member, policyholder or director is deemed to be received by that person at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that person did not receive the notice or document at that time or at all. Undelivered notices (2) If a company, society, foreign company, provincial company or insurance holding company sends a notice or document to a shareholder, member or policyholder in accordance with section 1008 and it is returned on two consecutive occasions because the shareholder, member or policyholder cannot be found, the company, society, foreign company, provincial company or insurance holding company is not required to send any further notices or documents to them until it is informed in writing of their new address. 2001, c. 9, s. 465; 2005, c. 54, s. 362
Insurance Companies Act — I-11.8 1011
Service on companies, etc. 1011 A notice or document required by this Act to be sent to or served on a company, a society, a foreign company, a provincial company or an insurance holding company may be sent by registered mail to the head office or chief agency, as the case may be, of the company, society, foreign company, provincial company or insurance holding company and, if so sent, is deemed to be received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the company, society, foreign company, provincial company or insurance holding company did not receive the notice or document at that time or at all. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1012
Certificate of companies, etc. 1012 (1) A certificate issued on behalf of a company, a society or an insurance holding company stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of the meetings of the directors, a committee of directors or the shareholders, policyholders or members, or in a contract to which the company, society or insurance holding company is a party, may be signed by a director or an officer of the company, society or insurance holding company. Proof of certain cases (2) When introduced as evidence in any civil, criminal or administrative action or proceeding, the following are, in the absence of evidence to the contrary, proof of the facts so certified without proof of the signature or official character of the person appearing to have signed the certificate: (a) a fact stated in a certificate referred to in subsection (1); (b) a certified extract from a securities register of a company or of an insurance holding company; or (c) a certified copy of, or an extract from, minutes of a meeting of shareholders, policyholders, members, directors or a committee of directors of a company, society or insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1013
Entry in securities register 1013 An entry in the securities register of, or on a security certificate issued by, a company or an insurance holding company is evidence that the person in whose name the security is registered is the owner of the securities described in the register or in the certificate. 2001, c. 9, s. 465; 2005, c. 54, s. 363(F)
Insurance Companies Act — I-11.8 1014
Verification of documents or fact 1014 (1) The Superintendent may require that a document or a fact stated in a document that is required by or under this Act to be sent to the Superintendent or to the Minister be verified in accordance with subsection (2). Form of proof (2) A document or fact required by this Act or by the Superintendent to be verified may be verified by affidavit made under oath or by statutory declaration under the Canada Evidence Act before any commissioner for oaths or for taking affidavits. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1015
Alternative means of publication 1015 (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision. Alternative means of publishing summaries (2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision. Publication conditions (3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision. Other consequences (4) If a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1016
Definition of approval 1016 In sections 1016.1 to 1016.6, approval includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent. 2001, c. 9, s. 465; 2007, c. 6, s. 330
Insurance Companies Act — I-11.8 1016.1
Matters to take into account — Minister 1016.1 (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including (a) national security; and (b) Canada’s international relations and its international legal obligations. Matters to take into account — Superintendent (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account (a) national security; and (b) Canada’s international relations and its international legal obligations. 2007, c. 6, s. 330
Insurance Companies Act — I-11.8 1016.2
Minister — terms, conditions and undertakings 1016.2 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution that is regulated under an Act of Parliament and to which the approval relates, or that might be affected by it, or to ensure that such a financial institution has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those polices and procedures. Commissioner — supervision of terms, conditions and undertakings (1.1) If the Minister specifies that the Commissioner is to supervise a company to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the company’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision. Superintendent — terms, conditions and undertakings (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate. 2007, c. 6, s. 330; 2010, c. 12, s. 1860 2023, c. 26, s. 604 2026, c. 3, s. 327
Insurance Companies Act — I-11.8 1016.3
Revocation, suspension or amendment of approval — Minister 1016.3 (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including (a) national security; and (b) Canada’s international relations and its international legal obligations. Revocation, suspension or amendment of approval — Superintendent (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and (a) national security; and (b) Canada’s international relations and its international legal obligations. Representations (3) Before taking any action under subsection (1) or (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Temporary amendment or suspension (4) If, in the Minister’s opinion, the length of time required for representations to be made under subsection (3) might be prejudicial to the public interest, the Minister may temporarily suspend or amend any approval granted by the Minister. Cessation of effect (5) A temporary suspension or amendment of an approval ceases to have effect on the earlier of (a) the expiry of 30 days after the day on which it takes effect or of a shorter period that is specified by the Minister, and (b) if the approval is revoked, suspended or amended under subsection (1), the day on which the revocation, suspension or amendment takes effect. 2007, c. 6, s. 330 2023, c. 26, s. 605
Insurance Companies Act — I-11.8 1016.31
Confidential undertaking 1016.31 (1) If, in the Minister’s opinion, the disclosure of information about an undertaking required under subsection 1016.2(1) or 1016.3(1) or (4), or information that could reveal the existence of the undertaking, could pose a threat to the integrity or security of the financial institution to which the undertaking relates or could be injurious to national security, the Minister may specify that the information is confidential and shall be treated accordingly. Prohibition (2) Despite anything in this Act but subject to subsection (3), it is prohibited to disclose any confidential information referred to in subsection (1) except in accordance with any terms or conditions that the Minister may specify in the undertaking. Notice — Committee and Review Agency (3) If the Minister specifies under subsection (1) that information referred to in that subsection is confidential for reasons related to national security, the Minister shall, within 30 days after the day on which the undertaking in question is required, notify (a) the Committee , as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act ; and (b) the Review Agency , as defined in section 2 of the National Security and Intelligence Review Agency Act . 2023, c. 26, s. 606
Insurance Companies Act — I-11.8 1016.4
Effect of non-compliance on approval 1016.4 (1) Unless otherwise expressly provided in this Act, a failure to comply with a term, condition or undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates. Non-compliance (2) In addition to any other action that may be taken under this Act, in the case of non-compliance by a person with a term, condition or undertaking imposed or required under any provision of this Act, the Minister or the Superintendent, as the case may be, may (a) revoke, suspend or amend the approval to which the term, condition or undertaking relates; or (b) apply to a court for an order directing the person to comply with the term, condition or undertaking, and on such an application the court may make the order and any other order that it thinks fit. Representations (3) Before taking any action under subsection (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Revocation, suspension or amendment (4) At the request of the person concerned, the Minister or the Superintendent, as the case may be, may revoke, suspend or amend any terms or conditions imposed by him or her and may revoke or suspend an undertaking given to him or her or approve its amendment. 2007, c. 6, s. 330
Insurance Companies Act — I-11.8 1016.5
Multiple approval — other approvals 1016.5 The Minister or the Superintendent may grant more than one approval, other than letters patent, in a single instrument if he or she considers it appropriate to do so, and if the Minister or Superintendent does so, he or she may specify different effective dates for each of the approvals. 2007, c. 6, s. 330
Insurance Companies Act — I-11.8 1016.6
Exemption in relation to notices of intention 1016.6 The Superintendent may, on application, exempt an applicant or applicants from the provisions of this Act respecting the publication of a notice of intention in respect of applications for approvals and impose any terms and conditions respecting the publication of the notice of intention that he or she considers appropriate. 2007, c. 6, s. 330
Insurance Companies Act — I-11.8 1016.61
Calculations — generally accepted accounting principles 1016.61 (1) If, as a result of a change to the accounting principles referred to in subsections 331(4) and 887(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead. Canada Gazette (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect. Five-year limit (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made. 2012, c. 5, s. 159