GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 334
334 (1) Paragraphs 542(2)(d) and (e) of the Act are replaced by the following: (d) subject to the regulations, act as an agent for a person, or enter into any other arrangement with a person, in respect of the provision of a service by (i) a financial institution that is primarily engaged in an insurance business, or (ii) an entity in which a society is permitted to acquire a substantial investment under section 554, if that section were read without reference to the requirements of subsections 554(4) and (5); and (e) refer any person to another person. (2) Section 542 of the Act is amended by adding the following after subsection (5): Regulations (6) The Governor in Council may, for the purposes of paragraphs (2)(d) and (e), make regulations (a) respecting the circumstances in which a society may act; (b) imposing terms and conditions in respect of what a society may do; and (c) respecting what a society is prohibited from doing when acting as an agent or when making referrals.
Insurance Companies Act — I-11.8 335
335 (1) Section 554 of the Act is amended by adding the following after subsection (2): Permitted investments (2.1) Subject to subsections (3) and (4) and the regulations made under paragraphs (2.2)(b) and (c), a society may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs (1)(a) to (c), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a property and casualty company is permitted to engage in under subsection 440(2). Regulations (2.2) The Governor in Council may make regulations (a) defining, for the purposes of subsection (2.1), the word “majority”; (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and (c) respecting the circumstances in which a society may acquire control of, or acquire or increase a substantial investment in, an entity under subsection (2.1). (2) Subparagraph 554(3)(d)(ii) of the Act is replaced by the following: (ii) in the case of an entity that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 552(2) or paragraph 552(3)(b) or (c); or (3) Subsection 554(5) of the Act is replaced by the following: Minister’s approval (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1) or an entity whose activities are limited to activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d).
Insurance Companies Act — I-11.8 336
336 The Act is amended by adding the following after section 554: Regulations 554.1 The Governor in Council may make regulations (a) respecting the circumstances in which a society may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d), including the circumstances in which a society is prohibited from doing so; and (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).
Insurance Companies Act — I-11.8 554.1
Regulations 554.1 The Governor in Council may make regulations (a) respecting the circumstances in which a society may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d), including the circumstances in which a society is prohibited from doing so; and (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).
Insurance Companies Act — I-11.8 337
337 (1) Section 971 of the Act is amended by adding the following after subsection (2): Permitted investments (2.1) Subject to subsections (3) to (6) and the regulations made under paragraphs (2.2)(b) and (c), an insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity, other than an entity referred to in any of paragraphs 495(1)(a) to (j), if a majority, as defined in the regulations, of the entity’s business consists of financial service activities or any other activity that a company is permitted to engage in under subsection 440(2). Regulations (2.2) The Governor in Council may make regulations (a) defining, for the purposes of subsection (2.1), the word “majority”; (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity that an insurance holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1); and (c) respecting the circumstances in which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1). (2) Subparagraph 971(3)(d)(ii) of the Act is replaced by the following: (ii) in the case of an entity that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2) or (2.1); or (3) Subsection 971(5) of the Act is amended by adding “or” at the end of paragraph (c) and by repealing paragraphs (5)(d) and (d.1). (4) Paragraph 971(7)(a) of the Act is replaced by the following: (a) the insurance holding company is acquiring control of an entity, other than a specialized financing entity, under subsection (2) or (2.1) and the only reason for which the insurance holding company would, but for this subsection, require approval for the acquisition is that the entity carries on activities referred to in paragraph (2)(b);
Insurance Companies Act — I-11.8 338
338 The Act is amended by adding the following after section 971: Regulations 971.1 The Governor in Council may make regulations (a) respecting the circumstances in which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a company is permitted to engage in under paragraph 441(1)(c.1) or (d); and (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).
Insurance Companies Act — I-11.8 971.1
Regulations 971.1 The Governor in Council may make regulations (a) respecting the circumstances in which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity that engages in activities that a company is permitted to engage in under paragraph 441(1)(c.1) or (d); and (b) imposing terms and conditions in respect of the acquisition of control of, or acquisition or increase of a substantial investment in, an entity referred to in paragraph (a).
Insurance Companies Act — I-11.8 339
339 (1) Paragraphs 1019.1(1)(a) and (b) of the Act are replaced by the following: (a) paragraph 441(1)(h); (b) paragraphs 495(7)(b.1) and (c); (2) Paragraph 1019.1(1)(e) of the Act is replaced by the following: (e) paragraphs 971(5)(b.1) and (c).
Insurance Companies Act — I-11.8 349
ance Companies Act , as enacted by that subsection 347 (1), is renumbered as subsection 971(2.01) and, if necessary, is repositioned accordingly. (9) On the first day on which both subsections 337 (2) and 347 (3) of this Act are in force, subparagraphs 971(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following: (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1), (2), (2.01) or (2.1), (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the insurance holding company, a company would be permitted to acquire a substantial investment in the other entity under subsection 495(2.01); or (10) On the first day on which both subsection 337 (1) and section 348 of this Act are in force, paragraph 977(e) of the Insurance Companies Act is replaced by the following: (e) for the purposes of subsection 971(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by an insurance holding company.
Insurance Companies Act — I-11.8 192
192 (1) Subsection 140(1) of the French version of the Insurance Companies Act is replaced by the following: Lieu des assemblées 140 (1) Les assemblées des actionnaires ou des souscripteurs se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs. (2) Subsection 140(2) of the Act is replaced by the following: Participation by electronic means (2) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is entitled to attend a meeting of shareholders or policyholders may participate in the meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the company makes one available. A person who is participating in a meeting by one of those means is deemed for the purposes of this Act to be present at the meeting. Meeting held by electronic means (2.1) If the directors, shareholders or policyholders of a company call a meeting of shareholders or policyholders under this Act, those directors, shareholders or policyholders may determine that the meeting shall be held, in accordance with any regulations, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the by-laws so provide.
Insurance Companies Act — I-11.8 140
Lieu des assemblées 140 (1) Les assemblées des actionnaires ou des souscripteurs se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs.
Insurance Companies Act — I-11.8 193
193 Subsection 157(4) of the Act is replaced by the following: Voting while participating electronically (4) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is participating in a meeting of shareholders or policyholders under subsection 140(2) or (2.1) and entitled to vote at that meeting may vote by means of the telephonic, electronic or other communication facility that the company has made available for that purpose.
Insurance Companies Act — I-11.8 194
194 (1) Subsection 764(1) of the French version of the Act is replaced by the following: Lieu des assemblées 764 (1) Les assemblées des actionnaires se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs. (2) Subsection 764(2) of the Act is replaced by the following: Participation by electronic means (2) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is entitled to attend a meeting of shareholders may participate in the meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the insurance holding company makes one available. A person who is participating in a meeting by one of those means is deemed for the purposes of this Part to be present at the meeting. Meeting held by electronic means (2.1) If the directors or shareholders of an insurance holding company call a meeting of shareholders under this Act, those directors or shareholders may determine that the meeting shall be held, in accordance with any regulations, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the by-laws so provide.
Insurance Companies Act — I-11.8 764
Lieu des assemblées 764 (1) Les assemblées des actionnaires se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent les administrateurs.
Insurance Companies Act — I-11.8 195
195 Subsection 778(4) of the Act is replaced by the following: Voting while participating electronically (4) Unless the by-laws provide otherwise and in accordance with any regulations, any person who is participating in a meeting of shareholders under subsection 764(2) or (2.1) and entitled to vote at that meeting may vote by means of the telephonic, electronic or other communication facility that the insurance holding company has made available for that purpose.
Insurance Companies Act — I-11.8 400
400 The Insurance Companies Act is amended by adding the following after section 166: Disclosure Relating to Diversity Diversity 166.1 (1) The directors of a company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 143(1) to shareholders and policy holders entitled to receive that notice and to the Superintendent. Regulations (2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a company of a prescribed class.
Insurance Companies Act — I-11.8 166.1
Diversity 166.1 (1) The directors of a company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 143(1) to shareholders and policy holders entitled to receive that notice and to the Superintendent. Regulations (2) For the purposes of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of a company of a prescribed class.
Insurance Companies Act — I-11.8 401
401 The Act is amended by adding the following after section 795: Disclosure Relating to Diversity Diversity 795.1 (1) The directors of an insurance holding company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 767(1) to shareholders entitled to receive that notice and to the Superintendent. Regulations (2) For the purpose of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of an insurance holding company of a prescribed class.
Insurance Companies Act — I-11.8 795.1
Diversity 795.1 (1) The directors of an insurance holding company of a prescribed class must make available, in accordance with regulations made under subsection (2), information respecting diversity among directors and members of senior management, as defined by regulation, at the same time that a notice of annual meeting is sent under subsection 767(1) to shareholders entitled to receive that notice and to the Superintendent. Regulations (2) For the purpose of subsection (1), the Governor in Council may make regulations respecting the disclosure of information related to diversity among the directors and members of senior management of an insurance holding company of a prescribed class.
Insurance Companies Act — I-11.8 263
263 Section 473 of the Insurance Companies Act is repealed.
Insurance Companies Act — I-11.8 265
265 The definition commercial loan in subsection 490(1) of the Act is repealed.
Insurance Companies Act — I-11.8 266
266 The heading before section 502 and sections 502 to 508 of the Act are repealed.
Insurance Companies Act — I-11.8 267
267 Section 509 of the Act is amended by adding “or” at the end of paragraph (a) and by repealing paragraphs (c) and (d).
Insurance Companies Act — I-11.8 268
268 Section 510 of the Act is amended by adding the following after subsection (1): Divestment order — portfolios of loans and interests (1.1) Subject to subsection (1.2), the Superintendent may, by order, direct a company to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of loans or interests by way of a disposition of a portion of that value: (a) the following loans: (i) in the case of a life company, the commercial loans held by the company and its subsidiaries, and (ii) in the case of a property and casualty company or a marine company, the commercial loans and loans to natural persons held by the company and its subsidiaries; (b) the interests of the company and its subsidiaries in real property; and (c) the following interests of the company and its subsidiaries: (i) the participating shares of a body corporate that are beneficially owned by the company and its subsidiaries, other than participating shares of a permitted entity in which the company has a substantial investment, and (ii) the ownership interests in an unincorporated entity that are beneficially owned by the company and its subsidiaries, other than ownership interests in a permitted entity in which the company has a substantial investment. Prudential considerations (1.2) The Superintendent may make an order under subsection (1.1) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of loans or interests in question.
Insurance Companies Act — I-11.8 269
269 Paragraph 512(2)(a) of the Act is replaced by the following: (a) assets that are debt obligations that are (i) guaranteed by any financial institution other than the company, (ii) fully secured by deposits with any financial institution, or (iii) fully secured by debt obligations that are guaranteed by any financial institution other than the company; (a.1) assets that are debt obligations issued (i) by, or by any agency of, (A) the Government of Canada, (B) the government of a province, (C) a municipality, or (D) the government of a foreign country or any political subdivision of a foreign country, or (ii) by a prescribed international agency; (a.2) assets that are debt obligations that are guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in paragraph (a.1); (a.3) assets that are debt obligations that are widely distributed, as that expression is defined by the regulations; (a.4) assets that are debt obligations of an entity controlled by the company;
Insurance Companies Act — I-11.8 270
270 Section 542.1 of the Act is repealed.
Insurance Companies Act — I-11.8 271
271 The heading before section 561 and sections 561 to 563 of the Act are repealed.
Insurance Companies Act — I-11.8 272
272 The Act is amended by adding the following before section 564: Regulations
Insurance Companies Act — I-11.8 273
273 Section 564 of the Act is amended by adding “and” at the end of paragraph (a), by striking out “and” at the end of paragraph (b) and by repealing paragraph (c).
Insurance Companies Act — I-11.8 274
274 The heading before section 565 and sections 565 and 566 of the Act are repealed.
Insurance Companies Act — I-11.8 275
275 Section 567 of the Act is amended by adding the following after subsection (2): Divestment order — portfolios of loans and interests (3) Subject to subsection (4), the Superintendent may, by order, direct a society to reduce, within any period that the Superintendent considers reasonable, the aggregate value of one or more of the following categories of loans or interests by way of a disposition of a portion of that value: (a) the commercial loans and loans to natural persons held by the society and its subsidiaries; (b) the interests of the society and its subsidiaries in real property; and (c) the following interests of the society and its subsidiaries: (i) the participating shares of a body corporate that are beneficially owned by the society and its subsidiaries, other than participating shares of a permitted entity in which the society has a substantial investment, and (ii) the ownership interests in an unincorporated entity that are beneficially owned by the society and its subsidiaries, other than ownership interests in a permitted entity in which the society has a substantial investment. Prudential considerations (4) The Superintendent may make an order under subsection (3) only on the basis of prudential considerations that the Superintendent considers relevant with respect to the aggregate value of the category or categories of loans or interests in question.
Insurance Companies Act — I-11.8 276
276 Paragraph 569(2)(a) of the Act is replaced by the following: (a) assets that are debt obligations that are (i) guaranteed by any financial institution other than the society, (ii) fully secured by deposits with any financial institution, or (iii) fully secured by debt obligations that are guaranteed by any financial institution other than the society; (a.1) assets that are debt obligations issued (i) by, or by any agency of, (A) the Government of Canada, (B) the government of a province, (C) a municipality, or (D) the government of a foreign country or any political subdivision of a foreign country, or (ii) by a prescribed international agency; (a.2) assets that are debt obligations that are guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in paragraph (a.1); (a.3) assets that are debt obligations that are widely distributed, as that expression is defined by the regulations; (a.4) assets that are debt obligations of an entity controlled by the society; or
Insurance Companies Act — I-11.8 277
277 Subsection 610(1) of the Act is amended by adding “and” at the end of paragraph (d) and by repealing paragraph (e).
Insurance Companies Act — I-11.8 278
278 The heading before section 613 of the Act is replaced by the following: Application
Insurance Companies Act — I-11.8 280
280 Section 614 of the Act is replaced by the following: Non-application 614 (1) Sections 612 and 615 do not apply in respect of assets of a foreign company held in relation to a segregated fund maintained under section 593. Exclusion of liabilities of segregated funds (2) A reference in section 615 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 under section 593.