GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 1016.7
f, or other dealing with, the shares. Registration of shares (8) Shares acquired under subsection (6) by the Minister or an agent or agency of Her Majesty in right of Canada shall be registered in the name of the Minister, agent or agency, as the case may be, in the company’s securities register if they are capable of being registered in it, and the shares shall be held by the Minister, agent or agency, as the case may be, on behalf of or in trust for Her Majesty. Disposition by Minister (9) The Minister may, at any time, sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Disposition by agent or agency (10) An agent or agency of Her Majesty in right of Canada — at the request of the Minister, which may be made at any time — shall sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Consideration by Minister (11) If the Minister or an agent or agency of Her Majesty in right of Canada is holding shares of a company on behalf of or in trust for Her Majesty on the day that is two years after the day on which the shares were acquired, the Minister shall consider whether holding the shares continues to promote the stability of the financial system in Canada. Mandatory disposition (12) If the Minister, under subsection (11), considers that holding shares acquired under subsection (6) no longer continues to promote the stability of the financial system in Canada, the Minister — or, at the request of the Minister, the agent or agency of Her Majesty in right of Canada — shall take the measures that the Minister considers practicable in the circumstances to sell or otherwise dispose of the shares. The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Not a Crown corporation (13) Even if the acquisition of a company’s shares under subsection (6) would otherwise cause the company to be a Crown corporation, as defined in subsection 83(1) of the Financial Administration Act , the company is not a Crown corporation for the purposes of that Act. Statutory Instruments Act (14) The Statutory Instruments Act does not apply to an order made under this section. Definition of shares (15) For the purposes of this section, shares includes (a) any conversion or exchange privilege, option or right to acquire shares; and (b) in reference to a company, participating shares, as defined in section 83.01. Insurance holding company (16) For the purposes of this section other than paragraph (15)(b), a reference to a “company” includes a reference to an “insurance holding company”, and the references to “section 678.01” in paragraphs (5)(a) and (b) are to be read, in relation to an insurance holding company, as references to “section 1005”. 2009, c. 2, s. 287; 2016, c. 7, s. 176
Insurance Companies Act — I-11.8 1017
Not statutory instruments 1017 An instrument issued or made under this Act and directed to a single company, society, foreign company, provincial company, insurance holding company or person, other than an order referred to in section 532, is not a statutory instrument for the purposes of the Statutory Instruments Act . 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1018
Form 1018 The Superintendent may, by order, establish the form of any application to be made to the Minister or the Superintendent under this Act. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1019
Content of applications 1019 (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require: (a) applications for approval under subsection 69(1), 76(2), 79(4), 84(1), 178(1), 238(3), 472(1), 495(8) or (12), 498(1) or (2) or 512(1), subparagraph 519(2)(b)(vi), section 522, subsection 523(2), 527(3) or (4) or 528.3(1), section 542.09 or subsection 544.1(2), 557(1) or (2), 569(1), 597(1), 748(1), 755(2), 757(4), 762(1), 805(1), 851(3), 964(1), 971(6) or (10), 974(1) or 987(1); (b) applications for consent under subsection 75(1) or 754(1); (c) applications for exemptions under subsection 164.04(3) or 789(3); and (d) applications for extensions of time under subsection 498(3) or (5), 499(4), 500(4), 557(3) or (5), 558(4), 559(4), 974(2) or (4), 975(3) or 976(3). Receipt (2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received. Notice of decision to applicant (3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant (a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or (b) if the Superintendent is not satisfied that the application should be approved, a notice to that effect. Extension of period (4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice. Deemed approval (5) If the applicant does not receive the notice required by subsection (3) or, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, exemption or extension to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not. 2001, c. 9, s. 465; 2007, c. 6, s. 331; 2012, c. 5, s. 160
Insurance Companies Act — I-11.8 1019.1
Application for certain approvals 1019.1 (1) An application for the prior written approval of the Minister in respect of any of the following provisions must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require: (a) paragraphs 441(1)(d), (d.1) and (h); (b) paragraphs 495(7)(b.1), (c), (d) and (d.1); (c) paragraph 542(2)(a); (d) subsection 554(5), in relation to an entity that is engaging in any activity referred to in section 441; and (e) paragraphs 971(5)(b.1), (c), (d) and (d.1). Certification of receipt of application (2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister. Incomplete application (3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it. Notice of decision (4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant (a) a notice approving the application; or (b) if the Minister is not satisfied that the application should be approved, a notice to that effect. Extension of period (5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice. Deemed approval (6) If the Minister does not send the notice referred to in subsection (4) or, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application. 2007, c. 6, s. 332; 2012, c. 5, s. 161
Insurance Companies Act — I-11.8 1020
Appeal to Federal Court 1020 (1) An appeal lies to the Federal Court from any direction of the Minister made under subsection 428(7), 432(1), 432.1(1), 954(7) or 956(1). Powers (2) The Federal Court may, in an appeal under subsection (1), (a) dismiss the appeal; (b) set aside the direction or decision; or (c) set aside the direction or decision and refer the matter back for redetermination. Certificate (3) For the purposes of an appeal under subsection (1), the Minister shall, at the request of the company, society, foreign company, provincial company, insurance holding company or person making the appeal, provide the company, society, foreign company, provincial company, insurance holding company or person with a certificate in writing setting out the direction or decision appealed from and the reasons why the direction or decision was made. 2001, c. 9, s. 465; 2012, c. 31, s. 152 2023, c. 26, s. 607
Insurance Companies Act — I-11.8 1021
Power to make regulations 1021 (1) The Governor in Council may make regulations (a) prescribing anything that is required or authorized by this Act to be prescribed; (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed is to be determined; (c) respecting, for any purpose of any provision of the Act, the determination of the equity of a company or an insurance holding company; (d) defining words and expressions to be defined for the purposes of this Act; (e) requiring the payment of a fee in respect of the filing, examining or issuing of any document or in respect of any action that the Superintendent is required or authorized to take under this Act, and fixing the amount of the fee or the manner of determining its amount; (f) respecting the regulatory capital and total assets of a company, a society, a provincial company or an insurance holding company; (g) respecting the standards of sound business and financial practices for companies, societies, provincial companies and foreign companies; (h) respecting the retention, in Canada, of assets of a company, a society or an insurance holding company; (i) respecting the value of assets of a company, a society or an insurance holding company to be held in Canada and the manner in which those assets are to be held; (j) respecting the protection and maintenance of assets of a company, a society or an insurance holding company, including regulations respecting the bonding of directors, officers and employees of a company, a society or an insurance holding company; (k) respecting the holding of shares and ownership interests for the purposes of section 74, 78 or 753; (l) respecting information, in addition to the information required by section 670 or 996, to be maintained in the register referred to in that section; and (m) generally for carrying out the purposes and provisions of this Act. Incorporation by reference (2) The regulations may incorporate any material by reference regardless of its source and either as it exists on a particular date or as amended from time to time. Incorporated material is not a regulation (3) Material does not become a regulation for the purposes of the Statutory Instruments Act because it is incorporated by reference. 2001, c. 9, s. 465; 2005, c. 54, s. 364
Insurance Companies Act — I-11.8 1022
Delegation 1022 The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries and Ministers of State Act to assist the Minister. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1023
Offence 1023 Every person who, without reasonable cause, contravenes any provision of this Act or the regulations is guilty of an offence. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1023.1
False or misleading information 1023.1 Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence. 2007, c. 6, s. 333
Insurance Companies Act — I-11.8 1024
Undue preference to creditor 1024 Every director, officer or employee of a company or a society who wilfully gives or concurs in giving to any creditor of the company or society any fraudulent, undue or unfair preference over other creditors, by giving security to the creditor, by changing the nature of the creditor’s claim or otherwise, is guilty of an offence. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1025
Failure to provide information 1025 Every person who, without reasonable cause, refuses or fails to comply with a requirement made under paragraph 674(3)(b) or 1000(3)(b) is guilty of an offence. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1026
Use of name 1026 Except to the extent permitted by the regulations, every person who uses the name of a company or of an insurance holding company in a prospectus, offering memorandum, takeover bid circular, advertisement for a transaction related to securities or in any other document in connection with a transaction related to securities is guilty of an offence. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1027
Punishment 1027 (1) Every person who is guilty of an offence under any of sections 1023 to 1026 is (a) in the case of a natural person, liable (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or (ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and (b) in the case of an entity, liable (i) on summary conviction, to a fine of not more than $500,000, or (ii) on conviction on indictment, to a fine of not more than $5,000,000. Order to comply (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted. Additional fine (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits. 2001, c. 9, s. 465; 2005, c. 54, s. 365
Insurance Companies Act — I-11.8 1028
Liability of officers, directors, etc. 1028 If an entity commits an offence under this Act, any officer, director or agent of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 1027(1)(a) for the offence, whether or not the entity has been prosecuted or convicted. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1029
Limitation period 1029 (1) Proceedings by way of summary conviction in respect of an offence under a provision of this Act may be commenced at any time within, but not later than, two years after the day on which the subject-matter of the proceedings became known, in the case of an offence under a consumer provision, to the Commissioner and, in any other case, to the Superintendent. Certificate of Superintendent or Commissioner (2) A document appearing to have been issued by the Superintendent or Commissioner, as the case may be, certifying the day on which the subject-matter of any proceedings became known to the Superintendent or Commissioner is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1030
Effect of offence on contracts 1030 Unless otherwise expressly provided in this Act, a contravention of any provision of this Act or the regulations does not invalidate any contract entered into in contravention of the provision. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1031
Compliance or restraining order 1031 (1) If a company, a society, a foreign company, a provincial company or an insurance holding company or any director, officer, employee or agent of one does not comply with any provision of this Act or the regulations other than a consumer provision, or, in the case of a company, a society or an insurance holding company, of the incorporating instrument or any by-law of the company, society or insurance holding company, the Superintendent, any complainant or any creditor of the company, society or insurance holding company may, in addition to any other right that person has, apply to a court for an order directing the company, society, foreign company, provincial company, insurance holding company, director, officer, employee or agent to comply with — or restraining the company, society, foreign company, provincial company, insurance holding company, director, officer, employee or agent from acting in breach of — the provision and, on the application, the court may so order and make any further order it thinks fit. Compliance or restraining order — consumer provisions (2) If a company or a foreign company or any director, officer, employee or agent of one does not comply with any applicable consumer provision, the Commissioner or any complainant may, in addition to any other right that person has, apply to a court for an order directing the company, foreign company, director, officer, employee or agent to comply with — or restraining the company, foreign company, director, officer, employee or agent from acting in breach of — the consumer provision and, on the application, the court may so order and make any further order it thinks fit. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1032
Appeal of final order 1032 (1) An appeal lies to the court of appeal of a province from any final order made by a court of that province under this Act. Appeal with leave (2) An appeal lies to the court of appeal of a province from any order, other than a final order made by a court of that province, only with leave of the court of appeal in accordance with the rules applicable to that court. 2001, c. 9, s. 465; 2005, c. 54, s. 366
Insurance Companies Act — I-11.8 1033
Recovery and application of fines 1033 All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada, instituted by the Attorney General of Canada, and, when recovered, belong to Her Majesty in right of Canada. [Note: Sections 712 to 763, enacted by 1991, c. 47 have been replaced with provisions enacted by 2001, c. 9, s. 465.] — 1991, c. 47, s. 763 read as follows: Coming into force * (1) Subject to subsection (2), this Act or any Part thereof, other than subsections 702(4), 713(2), 715(2), 716(2), 719(3), 720(2), 721(2), 722(2), 723(2) and (4), 724(2), 725(2), 726(2), 727(2), 736(2), 742(2), 743(2) and (4), 745(2) and 746(2) and sections 753 to 760, shall come into force on a day or days to be fixed by order of the Governor in Council. Idem (2) Subsections 268(1) and (2) shall come into force on the day that is six months after the coming into force of section 261. * [Note: Act, except the provisions set out in section 763, in force June 1, 1992, see SI/92-91.] 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 Coming into force
— 1991, c. 47, s. 763 read as follows: Coming into force * (1) Subject to subsection (2), this Act or any Part thereof, other than subsections 702(4), 713(2), 715(2), 716(2), 719(3), 720(2), 721(2), 722(2), 723(2) and (4), 724(2), 725(2), 726(2), 727(2), 736(2), 742(2), 743(2) and (4), 745(2) and 746(2) and sections 753 to 760, shall come into force on a day or days to be fixed by order of the Governor in Council. Idem (2) Subsections 268(1) and (2) shall come into force on the day that is six months after the coming into force of section 261. * [Note: Act, except the provisions set out in section 763, in force June 1, 1992, see SI/92-91.]
Insurance Companies Act — I-11.8 Coming into force
Coming into force * (1) Subject to subsection (2), this Act or any Part thereof, other than subsections 702(4), 713(2), 715(2), 716(2), 719(3), 720(2), 721(2), 722(2), 723(2) and (4), 724(2), 725(2), 726(2), 727(2), 736(2), 742(2), 743(2) and (4), 745(2) and 746(2) and sections 753 to 760, shall come into force on a day or days to be fixed by order of the Governor in Council.
Insurance Companies Act — I-11.8 (2)
Idem (2) Subsections 268(1) and (2) shall come into force on the day that is six months after the coming into force of section 261.
Insurance Companies Act — I-11.8 1034
Definitions 1034 The following definitions apply in this Part. electronic document means, except in section 1043, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means. ( document électronique ) information system means a system used to generate, send, receive, store or otherwise process an electronic document. ( système de traitement de l’information ) NI 51-102 in respect of a province set out in column 1 of Table 1 of Schedule V to the Bank Act , means the version of National Instrument 51-102 referred to in column 2. ( Règlement 51-102 ) NI 54-101 in respect of a province set out in column 1 of Table 1 of Schedule V to the Bank Act , means the version of National Instrument 54-101 referred to in column 2. ( Règlement 54-101 ) 2005, c. 54, s. 367 2026, c. 3, s. 293
Insurance Companies Act — I-11.8
electronic document means, except in section 1043, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means. ( document électronique )
Insurance Companies Act — I-11.8
information system means a system used to generate, send, receive, store or otherwise process an electronic document. ( système de traitement de l’information )
Insurance Companies Act — I-11.8
NI 51-102 in respect of a province set out in column 1 of Table 1 of Schedule V to the Bank Act , means the version of National Instrument 51-102 referred to in column 2. ( Règlement 51-102 )
Insurance Companies Act — I-11.8
NI 54-101 in respect of a province set out in column 1 of Table 1 of Schedule V to the Bank Act , means the version of National Instrument 54-101 referred to in column 2. ( Règlement 54-101 )
Insurance Companies Act — I-11.8 1035
Application 1035 This Part other than sections 1046 and 1047 does not apply in respect of any notice, document or other information that under this Act or the regulations is sent to or issued by the Minister, the Superintendent or the Commissioner or any prescribed notice, document or information. 2005, c. 54, s. 367
Insurance Companies Act — I-11.8 1036
Use not mandatory 1036 Nothing in this Act or the regulations requires a person to create or provide an electronic document. 2005, c. 54, s. 367