GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 468
Restriction on securities activities 468 A company shall not deal in Canada in securities to the extent prohibited or restricted by such regulations as the Governor in Council may make for the purposes of this section.
Insurance Companies Act — I-11.8 468.1
Prohibition 468.1 (1) It is prohibited for a company to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the company, unless (a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act ; (b) the company is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and (c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act. Exception (2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1). 2012, c. 19, s. 363
Insurance Companies Act — I-11.8 469
Restriction on residential mortgages 469 (1) A company shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, or refinance such a loan, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 80 per cent of the value of the property at the time of the loan. Exception (2) Subsection (1) does not apply in respect of (a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or pursuant to which a different limit on the value of property on the security of which the company may make a loan is established; (b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent; (c) the acquisition by the company from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the company to the entity against the issue of such securities; or (d) a loan secured by a mortgage where (i) the mortgage is taken back by the company on a property disposed of by the company, including where the disposition is by way of a realization of a security interest, and (ii) the mortgage secures payment of an amount payable to the company for the property. 1991, c. 47, s. 469; 1997, c. 15, s. 253; 2007, c. 6, s. 227
Insurance Companies Act — I-11.8 469.1
Restriction on charges to borrowers 469.1 (1) Subject to any regulations made under subsection (2), a company that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the company of the insurance or guarantee. Regulations (2) The Governor in Council may make regulations (a) respecting the determination of the actual cost to a company for the purposes of subsection (1); (b) respecting the circumstances in which a company is exempt from the application of subsection (1); (c) respecting, in relation to insurance or a guarantee against default on a loan made by a company in Canada on the security of residential property, (i) the arrangements into which the company, its representatives and its employees may or may not enter, and (ii) the payments or benefits that the company, its representatives and its employees may or may not accept from an insurer or the insurer’s affiliates; and (d) respecting any other matters necessary to carry out the purposes of subsection (1). Regulations — disclosure (3) The Governor in Council may make regulations respecting the disclosure by a company of information relating to insurance or a guarantee against default on a loan made by the company in Canada on the security of residential property, including regulations respecting (a) the information that must be disclosed, including information relating to (i) the person who benefits from the insurance or guarantee, (ii) the arrangements between the company, its representatives or its employees and the insurer or the insurer’s affiliates, and (iii) the payments and benefits that the company, its representatives and its employees accept from an insurer or the insurer’s affiliates; (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and (c) the circumstances under which a company is not required to disclose information. 2009, c. 2, s. 283; 2012, c. 5, s. 131(E)
Insurance Companies Act — I-11.8 470
Policies re security interests 470 (1) The directors of a company shall establish and the company shall adhere to policies regarding the creation of security interests in property of the company to secure obligations of the company and the acquisition by the company of beneficial interests in property that is subject to security interests. Order to amend policies (2) The Superintendent may, by order, direct a company to amend its policies as specified in the order. Compliance (3) A company shall comply with an order made under subsection (2) within the time specified in the order. 1991, c. 47, s. 470; 2001, c. 9, s. 418
Insurance Companies Act — I-11.8 470.1
Regulations and guidelines 470.1 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a company of security interests in its property to secure obligations of the company and the acquisition by the company of beneficial interests in property that is subject to security interests. 2001, c. 9, s. 418
Insurance Companies Act — I-11.8 470.2
Exception 470.2 Sections 470 and 470.1 do not apply in respect of a security interest created by a company to secure an obligation of the company to the Bank of Canada. 2001, c. 9, s. 418
Insurance Companies Act — I-11.8 471
Restriction on receivers 471 A company shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the company.
Insurance Companies Act — I-11.8 472
Restriction on partnerships 472 (1) Except with the approval of the Superintendent, a company may not be a general partner in a limited partnership or a partner in a general partnership. Meaning of general partnership (2) For the purposes of subsection (1), general partnership means any partnership other than a limited partnership. 1991, c. 47, s. 472; 2001, c. 9, s. 419
Insurance Companies Act — I-11.8 473
General restriction 473 (1) A life company shall not, and shall not permit its prescribed subsidiaries to, enter into any debt obligation, within the meaning assigned to that expression by the regulations, or issue any share, other than a common share, if as a result the aggregate of the total debt obligations of the company, determined in the prescribed manner, and the stated capital of the company would exceed the prescribed percentage of the total assets of the company. Exception (2) A life company need not include in the aggregate amount calculated for the purposes of subsection (1) the value of any debt obligation or the stated capital of any shares if the value of the debt obligation or the stated capital of the shares is included as part of the regulatory capital of the company.
Insurance Companies Act — I-11.8 474
Restriction on guarantees 474 (1) A life company shall not guarantee on behalf of any person the payment or repayment of any sum of money unless (a) the sum of money is a fixed sum of money with or without interest thereon; and (b) the person on whose behalf the company has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the company for the full amount of the payment or repayment to be guaranteed. Exception (2) Paragraph (1)(a) does not apply where the person on whose behalf the company has undertaken to guarantee a payment or repayment is a subsidiary of the company. (3) [Repealed, 1997, c. 15, s. 254] Regulations (4) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 1991, c. 47, s. 474; 1997, c. 15, s. 254; 2001, c. 9, s. 420
Insurance Companies Act — I-11.8 475
Restriction on leasing 475 A life company shall not engage in Canada in any personal property leasing activity in which a financial leasing entity, within the meaning of subsection 490(1), is not permitted to engage. 1991, c. 47, s. 475; 2001, c. 9, s. 421
Insurance Companies Act — I-11.8 476
General restriction 476 (1) A property and casualty company, or a marine company, shall not, and shall not permit its prescribed subsidiaries to, enter into any debt obligation, within the meaning assigned to that expression by the regulations, or issue any share, other than a common share, if as a result the aggregate of the total debt obligations of the company, determined in the prescribed manner, and the stated capital of the company would exceed the prescribed percentage of the total assets of the company. Exception (2) A property and casualty company, or a marine company, need not include in the aggregate amount calculated for the purposes of subsection (1) the value of any debt obligation if the value of the debt obligation is included as part of the regulatory capital of the company. 1991, c. 47, s. 476; 2007, c. 6, s. 228 2022, c. 10, s. 233
Insurance Companies Act — I-11.8 477
Restriction on guarantees 477 (1) A property and casualty company, or a marine company, shall not guarantee on behalf of any person the payment or repayment of any sum of money unless the person on whose behalf the company has undertaken to guarantee the payment or repayment is a subsidiary of the company and has an unqualified obligation to reimburse the company for the full amount of the payment or repayment to be guaranteed. Saving (2) Subsection (1) does not prevent a property and casualty company, or a marine company, from insuring a risk falling within a class of insurance that is specified in the order of the Superintendent approving the commencement and carrying on of business by the company. 1991, c. 47, s. 477; 1997, c. 15, s. 255; 2001, c. 9, s. 422; 2007, c. 6, s. 228
Insurance Companies Act — I-11.8 478
Restriction on leasing 478 A property and casualty company, or a marine company, shall not engage in Canada in any financial leasing of personal property. 1991, c. 47, s. 478; 2007, c. 6, s. 228
Insurance Companies Act — I-11.8 479
Definition of cost of borrowing 479 For the purposes of this section and sections 479.1 to 487, cost of borrowing means, in respect of a loan or an advance on the security or against the cash surrender value of a policy made by a company, (a) the interest or discount applicable to the loan or advance; (b) any amount charged in connection with the loan or advance that is payable by the borrower to the company; and (c) any charge prescribed to be included in the cost of borrowing. For those purposes, however, cost of borrowing does not include any charge prescribed to be excluded from the cost of borrowing. 1991, c. 47, s. 479; 1997, c. 15, s. 256; 2001, c. 9, s. 423
Insurance Companies Act — I-11.8 479.1
Rebate of borrowing costs 479.1 (1) Where a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the company shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan. Exception (2) The charges to be rebated do not include the interest or discount applicable to the loan. Regulations (3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations. 1997, c. 15, s. 256
Insurance Companies Act — I-11.8 480
Disclosing borrowing costs — loans 480 (1) A company shall not make a loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 481, and other prescribed information have been disclosed by the company to the borrower at the prescribed time and place and in the prescribed form and manner. Non-application (2) Subsection (1) does not apply in respect of a loan that is of a prescribed class of loans. 1991, c. 47, s. 480; 1997, c. 15, s. 256; 2012, c. 5, s. 132
Insurance Companies Act — I-11.8 481
Calculating borrowing costs 481 The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are duly fulfilled and shall be expressed as a rate per annum and, in prescribed circumstances, as an amount in dollars and cents.
Insurance Companies Act — I-11.8 482.1
Renewal statement 482.1 If a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is secured by a mortgage on real property, the company shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan. 1997, c. 15, s. 258; 2012, c. 5, s. 134
Insurance Companies Act — I-11.8 483
Disclosure in advertising 483 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 482(3), loans, credit cards, payment cards or charge cards, offered to natural persons by a company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner. 1991, c. 47, s. 483; 1997, c. 15, s. 258; 2012, c. 5, s. 134
Insurance Companies Act — I-11.8 484
Disclosing borrowing costs — advances 484 If regulations have been made respecting the manner in which the cost of borrowing is to be disclosed in respect of an advance on the security or against the cash surrender value of a policy, a company shall not make such an advance unless the cost of borrowing, as calculated and expressed in accordance with the regulations, has, at the prescribed time and place and in the prescribed form and manner, been disclosed by the company or otherwise as prescribed to the policyholder at or before the time when the advance is made. 1991, c. 47, s. 484; 2007, c. 6, s. 229(E); 2012, c. 5, s. 134
Insurance Companies Act — I-11.8 485
Regulations re borrowing costs 485 The Governor in Council may make regulations (a) respecting the time and place at which, and the form and manner in which, a company is to disclose to a borrower (i) the cost of borrowing, (ii) any rebate of the cost of borrowing, and (iii) any other information relating to a loan, arrangement, credit card, payment card or charge card referred to in section 482; (b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a company to a borrower; (c) respecting the manner of calculating the cost of borrowing; (d) respecting the circumstances under which the cost of borrowing is to be expressed as an amount in dollars and cents; (e) specifying any class of loans that are not to be subject to section 479.1 or subsection 480(1) or 482(1) or (3) or section 482.1 or 483 or the regulations or any specified provisions of the regulations; (f) specifying any class of advances that are not to be subject to section 484 or the regulations or any specified provisions of the regulations; (g) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 479.1 to 484 are to be disclosed; (h) prohibiting the imposition of any charge or penalty referred to in section 482 or providing that the charge or penalty, if imposed, will not exceed a prescribed amount; (i) respecting the nature or amount of any charge or penalty referred to in paragraph 482(1)(b), (2)(a) or (3)(a) and the costs of the company that may be included or excluded in the determination of the charge or penalty; (j) respecting the method of calculating the amount of rebate of the cost of borrowing, or the portion of the cost of borrowing referred to in subparagraph 482(1)(a)(ii); (k) respecting advertisements made by a company regarding arrangements referred to in subsection 482(3), loans, credit cards, payment cards or charge cards; (l) respecting the renewal of loans; and (m) respecting such other matters or things as are necessary to carry out the purposes of sections 479.1 to 484. 1991, c. 47, s. 485; 1997, c. 15, s. 259; 2012, c. 5, s. 135
Insurance Companies Act — I-11.8 486
Procedures for dealing with complaints 486 (1) A company shall (a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the company; (b) designate an officer or employee of the company to be responsible for implementing those procedures; and (c) designate one or more officers or employees of the company to receive and deal with those complaints. Procedures to be filed with Commissioner (2) A company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a). How procedures to be made available (3) A company shall make its procedures established under paragraph (1)(a) available (a) on its websites through which products or services are offered in Canada; and (b) in written format to be sent to any person who requests them. Information on contacting Agency (4) A company shall also make prescribed information on how to contact the Agency available whenever it makes its procedures established under paragraph (1)(a) available under subsection (3). 1991, c. 47, s. 486; 1997, c. 15, s. 260; 2001, c. 9, s. 424; 2007, c. 6, s. 230
Insurance Companies Act — I-11.8 486.1
Obligation to be member of complaints body 486.1 In any province, if there is no law of the province that makes a company subject to the jurisdiction of an organization that deals with complaints made by persons having requested or received products or services in the province from a company, the company shall be a member of an organization that is not controlled by it and that deals with those complaints that have not been resolved to the satisfaction of the persons under procedures established by companies under paragraph 486(1)(a). 2001, c. 9, s. 424
Insurance Companies Act — I-11.8 487
Information on contacting Agency 487 (1) A company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person requesting or receiving a product or service from it with prescribed information on how to contact the Agency if the person has a complaint about an arrangement referred to in subsection 482(3), a payment, credit or charge card, the disclosure of or manner of calculating the cost of borrowing in respect of a loan or an advance on the security or against the cash surrender value of a policy, or about any other obligation of the company under a consumer provision. Report (2) The Commissioner shall prepare a report, to be included in the report referred to in section 34 of the Financial Consumer Agency of Canada Act , respecting (a) procedures for dealing with complaints established by companies pursuant to paragraph 486(1)(a); and (b) the number and nature of complaints that have been brought to the attention of the Agency by persons who have requested or received a product or service from a company. 1991, c. 47, s. 487; 1997, c. 15, s. 261; 2001, c. 9, s. 424; 2012, c. 5, s. 136
Insurance Companies Act — I-11.8 488
Prepayment protected 488 (1) A company shall not make a loan to a natural person that is repayable in Canada, the terms of which prohibit prepayment of the money advanced or any instalment thereon before its due date. Non-application of subsection (1) (2) Subsection (1) does not apply in respect of a loan (a) that is secured by a mortgage on real property; or (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed. 1991, c. 47, s. 488; 1997, c. 15, s. 262
Insurance Companies Act — I-11.8 488.1
Regulations — activities 488.1 The Governor in Council may make regulations respecting any matters involving a company’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including (a) what a company may or may not do in carrying out any of the activities in which it is permitted to engage, or in providing any of the services that it may provide, under section 440 and any ancillary, related or incidental activities or services; and (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided. 2009, c. 2, s. 284; 2012, c. 5, s. 137
Insurance Companies Act — I-11.8 489
Regulations re customer information 489 The Governor in Council may make regulations (a) requiring a company or society to establish procedures regarding the collection, retention, use and disclosure of any information about its customers or members or any class of customers or members; (b) requiring a company or society to establish procedures for dealing with complaints made by a customer or member about the collection, retention, use or disclosure of information about the customer or member; (c) respecting the disclosure by a company or society of information relating to the procedures referred to in paragraphs (a) and (b); (d) requiring a company or society to designate its officers and employees who are responsible for (i) implementing the procedures referred to in paragraph (b), and (ii) receiving and dealing with complaints made by a customer or member of the company or society about the collection, retention, use or disclosure of information about the customer or member; (e) requiring a company or society to report information relating to (i) complaints made by customers or members of the company or society about the collection, retention, use or disclosure of information, and (ii) the actions taken by the company or society to deal with the complaints; and (f) defining “information”, “collection” and “retention” for the purposes of paragraphs (a) to (e) and the regulations made under those paragraphs. 1991, c. 47, s. 489; 1996, c. 6, s. 80; 1997, c. 15, s. 263
Insurance Companies Act — I-11.8 489.1
Public accountability statements 489.1 (1) A company with equity of $1 billion or more shall, in accordance with regulations made under subsection (4), annually publish a statement describing the contribution of the company and its prescribed affiliates to the Canadian economy and society. Filing (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner. Provision of statement to public (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public. Regulations (4) The Governor in Council may make regulations prescribing (a) the name, contents and form of a statement referred to in subsection (1) and the time and place at which and the manner in which it must be prepared; (b) affiliates of a company referred to in subsection (1); (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public. 2001, c. 9, s. 425; 2012, c. 5, s. 138