GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 603
Regulations re borrowing costs 603 The Governor in Council may make regulations (a) respecting the time and place at which, and the form and manner in which, a foreign 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 601; (b) respecting the contents of any statement disclosing the cost of borrowing and other information required to be disclosed by a foreign 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 598.1, subsection 599(1) or 601(1) or (4) or section 601.1 or 601.2 or the regulations or any specified provisions of the regulations; (f) specifying any class of advances that are not to be subject to section 602 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 598.1 to 602 are to be disclosed; (h) prohibiting the imposition of any charge or penalty referred to in section 601 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 601(1)(b), (3)(a) or (4)(a) and the costs of the foreign 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 601(1)(a)(ii); (k) respecting advertisements made by a foreign company regarding arrangements referred to in subsection 601(4), 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 598.1 to 602. 1991, c. 47, s. 603; 1997, c. 15, s. 310; 2012, c. 5, s. 149
Insurance Companies Act — I-11.8 604
Procedures for dealing with complaints 604 (1) A foreign company shall (a) establish procedures for dealing with complaints made by persons having requested or received products or services in Canada from the foreign company; (b) designate one of its officers or employees in Canada, or an agent in Canada, to be responsible for implementing those procedures; and (c) designate one or more of its officers or employees in Canada, or agents in Canada, to receive and deal with those complaints. Procedures to be filed with Commissioner (2) A foreign company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a). How procedures to be made available (3) A foreign 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 foreign 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. 604; 1997, c. 15, s. 311; 2001, c. 9, s. 444; 2007, c. 6, s. 280
Insurance Companies Act — I-11.8 604.1
Obligation to be member of complaints body 604.1 In any province, if there is no law of the province that makes a foreign 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 foreign company, the foreign company shall be a member of an organization in Canada 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 under paragraph 604(1)(a). 2001, c. 9, s. 444; 2007, c. 6, s. 281
Insurance Companies Act — I-11.8 605
Information on contacting Agency 605 (1) A foreign company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide a person in Canada requesting or receiving a product or service in Canada from it with prescribed information on how to contact the Agency if the person has a complaint about an arrangement referred to in subsection 601(3), a payment, credit or charge card referred to in subsection 601(2), the disclosure of or manner of calculating the cost of borrowing in respect of a loan repayable in Canada or an advance on the security or against the cash surrender value of a policy, or about any other obligation of the foreign 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 foreign companies pursuant to paragraph 604(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 foreign company. 1991, c. 47, s. 605; 1997, c. 15, s. 312; 2001, c. 9, s. 444; 2007, c. 6, s. 282; 2012, c. 5, s. 150
Insurance Companies Act — I-11.8 606
Prepayment protected 606 (1) A foreign company shall not include in its assets in Canada any 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. 606; 1997, c. 15, s. 313
Insurance Companies Act — I-11.8 606.1
Regulations — activities 606.1 The Governor in Council may make regulations respecting any matters involving a foreign company’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including (a) what a foreign 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 this Act 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. 286; 2012, c. 5, s. 151
Insurance Companies Act — I-11.8 607
Regulations re customer information 607 The Governor in Council may make regulations (a) requiring a foreign company to establish procedures regarding the collection, retention, use and disclosure of any information about its customers in Canada or any class of customers in Canada; (b) requiring a foreign company to establish procedures for dealing with complaints made by a customer in Canada about the collection, retention, use or disclosure of information about the customer; (c) respecting the disclosure by a foreign company of information relating to the procedures referred to in paragraphs (a) and (b); (d) requiring a foreign company to designate the officers and employees of the company who are responsible for (i) implementing the procedures referred to in paragraph (b), and (ii) receiving and dealing with complaints made by a customer, in Canada, of the foreign company about the collection, retention, use or disclosure of information about the customer; (e) requiring a foreign company to report information relating to (i) complaints made by its customers in Canada about the collection, retention, use or disclosure of information, and (ii) its actions taken 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. 607; 1997, c. 15, s. 314
Insurance Companies Act — I-11.8 607.1
Regulations re disclosure 607.1 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by foreign companies or any prescribed class of foreign companies, including regulations respecting (a) the information that must be disclosed, including information relating to (i) any product or service or prescribed class of products or services offered by them, (ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services, (iii) anything they are required to do or to refrain from doing under a consumer provision, and (iv) any other matter that may affect their dealings, or their employees’ or representatives’ dealings, with customers or the public; (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 content and form of any advertisement by foreign companies or any prescribed class of foreign companies relating to any matter referred to in paragraph (a). 2001, c. 9, s. 445; 2007, c. 6, s. 283; 2012, c. 5, s. 152
Insurance Companies Act — I-11.8 607.2
Provisions that do not apply 607.2 (1) Sections 598 to 607.1 do not apply in respect of a foreign company if (a) the order made under subsection 574(1) in respect of the foreign company restricts it to the reinsurance of risks within a class of insurance specified in the order; (b) the foreign company has provided the Commissioner with a declaration stating that it is not dealing with a prescribed group of consumers; and (c) after providing the declaration, the foreign company continues to not deal with that prescribed group. Notice if action taken that causes provisions to apply (2) The foreign company must give notice to the Commissioner if it subsequently deals with the prescribed group referred to in the declaration. 2007, c. 6, s. 284
Insurance Companies Act — I-11.8 608
Adequacy of assets and appropriate forms of liquidity 608 (1) A foreign company shall maintain in Canada an adequate margin of assets over liabilities in respect of its insurance business in Canada as shown in the records it is required to maintain under section 647, and adequate and appropriate forms of liquidity, and shall comply with any regulations in relation to an adequate margin of assets over liabilities and adequate and appropriate forms of liquidity. Liabilities (2) For the purposes of subsection (1), the liabilities in Canada of a foreign company include the reserve included in the annual return required under subsection 665(2). Guidelines (3) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(a). Directives (4) Even though a foreign company is complying with regulations made under paragraph 610(1)(a) or guidelines made under subsection (3), the Superintendent may, by order, direct the foreign company to increase the margin of its assets over its liabilities that it is required to maintain in Canada or to provide additional liquidity in the forms and the amounts that the Superintendent requires. Compliance (5) A foreign company shall comply with an order made under subsection (4) within the time that the Superintendent specifies in the order. 1991, c. 47, s. 608; 1996, c. 6, s. 87; 2001, c. 9, s. 446; 2007, c. 6, s. 286
Insurance Companies Act — I-11.8 609
Adequacy of assets 609 (1) A foreign company shall, in relation to each class of insurance risks that it is permitted to insure, maintain in Canada, in accordance with the regulations, assets the total value of which shall be determined in accordance with the regulations. Guidelines (1.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(b). Directives (2) Even though a foreign company is complying with regulations made under paragraph 610(1)(b) or guidelines made under subsection (1.1), the Superintendent may, by order, direct the foreign company to increase the assets that it is required to maintain in Canada. Compliance (3) A foreign company shall comply with an order made under subsection (2) within such time as the Superintendent specifies therein. 1991, c. 47, s. 609; 1996, c. 6, s. 88; 2007, c. 6, s. 287
Insurance Companies Act — I-11.8 610
Regulations 610 (1) The Governor in Council may make regulations (a) respecting the maintenance by foreign companies of an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity; (b) respecting the maintenance by foreign companies of assets in Canada of a particular value, which regulations may make special provision for associations and exchanges; (c) prescribing rules for determining the value, location and protection of the assets of foreign companies; (d) governing the determination of the reserves to be included in the liabilities of foreign companies; (e) determining the method of calculating the value of interests of foreign companies in real property for the purposes of section 618; and (f) prescribing anything that is required or authorized by this Part to be prescribed. Regulation may provide for discretion (2) A regulation made pursuant to paragraph (1)(b) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulations may specify. 1991, c. 47, s. 610; 2001, c. 9, s. 447(E)
Insurance Companies Act — I-11.8 611
Vesting in trust 611 (1) The assets that a foreign company is required to maintain in Canada under sections 608 and 609 and the regulations made under section 610 must be vested in trust in a Canadian financial institution chosen by the foreign company. Conflict of interest (2) No Canadian financial institution may be appointed as trustee if at the time of the appointment there is a material conflict of interest between the Canadian financial institution’s role as trustee and any other of its roles. Trust deed (3) A trust deed must be approved by the Superintendent before it is entered into. Determination of value of assets in Canada (4) The Superintendent shall determine the value at which assets shall be accepted for the purposes of this Part. Maintenance of value of assets in Canada (5) The trustee of a foreign company may deal with the assets in Canada in any manner provided for in the trust deed, but in such a way that the value for the purposes of this Part of the assets in Canada does not fall below that required by this Part. 1991, c. 47, s. 611; 2001, c. 9, s. 448
Insurance Companies Act — I-11.8 612
Inadmissible assets 612 (1) A foreign company may not vest in trust (a) securities issued by or debt obligations of the foreign company or one of its affiliates; (b) real property, or ground rents or mortgages on real property, situated outside Canada; (c) shares or ownership interests, however designated, in any entity in such number as would constitute a substantial investment in that entity without regard to any shares or ownership interests held by any other entity; or (d) a loan made in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, 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) Despite paragraphs (1)(a) and (c), a foreign company may vest in trust a substantial investment in an entity that is primarily engaged in (a) holding, managing or otherwise dealing with real property; or (b) holding shares or ownership interests in entities that are primarily engaged in any of the activities referred to in paragraph (a). Idem (3) Notwithstanding paragraph (1)(d), a foreign company may vest in trust (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 foreign 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; or (c) securities issued or guaranteed by an entity that are secured on any residential property, whether in favour of a trustee or otherwise, or a loan made by the foreign company to the entity against the issue of such securities. 1991, c. 47, s. 612; 1993, c. 34, s. 85(E); 1997, c. 15, s. 315; 2007, c. 6, s. 290
Insurance Companies Act — I-11.8 613
Definition of commercial loan 613 In sections 615 to 620, commercial loan has the same meaning as in Part IX.
Insurance Companies Act — I-11.8 614
Non-application 614 (1) Sections 612 and 615 to 620 do not apply in respect of assets of a foreign company held in relation to a segregated fund maintained pursuant to section 593. Exclusion of liabilities of segregated funds (2) A reference in sections 615 to 619 and in regulations made under section 620 to the assets in Canada or the liabilities in Canada of a foreign company does not include liabilities of the foreign company for the policies and amounts in respect of which a segregated fund is maintained pursuant to section 593. 1991, c. 47, s. 614; 2007, c. 6, s. 291
Insurance Companies Act — I-11.8 615
Investment standards 615 (1) A foreign company shall, in respect of its assets in Canada, establish and adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return. Resolution of board of directors (2) A foreign company to which subsection 573(4) applies shall, during the period of ninety days following the coming into force of this Part, file with the Superintendent a certified copy of a resolution of its board of directors establishing the investment and lending policies, standards and procedures referred to in subsection (1).
Insurance Companies Act — I-11.8 616
Lending limit — foreign life companies 616 (1) The total accepted value of commercial loans vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. Lending limit — foreign composite companies (2) The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. 1991, c. 47, s. 616; 2007, c. 6, s. 292
Insurance Companies Act — I-11.8 617
Lending limit — foreign property and casualty companies and foreign marine companies 617 The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada. 1991, c. 47, s. 617; 2007, c. 6, s. 292
Insurance Companies Act — I-11.8 618
Limit on total property interest — foreign life companies 618 (1) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. Limit on total property interest — foreign composite companies (2) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. Limit on total property interest — foreign property and casualty companies and foreign marine companies (3) The total accepted value of interests in real property vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada. 1991, c. 47, s. 618; 2007, c. 6, s. 292
Insurance Companies Act — I-11.8 619
Limit on equity acquisitions — foreign life companies 619 (1) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. Limit on equity acquisitions — foreign composite companies (2) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of insurance, other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes. Limit on equity acquisitions — foreign property and casualty companies and foreign marine companies (3) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada. 1991, c. 47, s. 619; 2007, c. 6, s. 292
Insurance Companies Act — I-11.8 620
Limit on aggregate value 620 The aggregate value of each of the following total accepted values, namely, (a) the total accepted values referred to in subsections 618(1) and 619(1), (b) the total accepted values referred to in subsections 618(2) and 619(2), and (c) the total accepted values referred to in subsections 618(3) and 619(3), shall not at any time exceed the respective prescribed percentage of the value of the assets in Canada.
Insurance Companies Act — I-11.8 621
Prohibited transactions 621 A foreign company shall not vest in trust any asset in accordance with this Part if the asset was acquired through a transaction that at the time of acquisition would be prohibited for a company pursuant to section 521.
Insurance Companies Act — I-11.8 622
Exception 622 A foreign company may vest in trust an asset if the asset was acquired through a transaction described in any of sections 524 to 533 and (a) the transaction was entered into on terms and conditions that are at least as favourable to the foreign company as market terms and conditions, as defined in subsection 534(2); and (b) the foreign company files a notice of the vesting with the Superintendent on vesting the asset in trust. 1991, c. 47, s. 622; 1997, c. 15, s. 316; 2007, c. 6, s. 293