Insurance Companies Act — I-11.8 495
eferred to in any of paragraphs (2)(a) to (e), or in any regulation made under paragraph 2.2(b), if the entity engages in the business of accepting deposit liabilities or if the activities of the entity include (a) activities that a company is not permitted to engage in under any of sections 466, 469 and 475; (b) dealing in securities, except as may be permitted under paragraph (2)(e) or as may be permitted to a company under paragraph 440(2)(b); (c) activities that a company is not permitted to engage in under any regulation made under section 489 if the entity engages in the activities of a finance entity or of any other entity as may be prescribed; (d) acquiring control of or acquiring or holding a substantial investment in another entity unless (i) in the case of an entity, other than a permitted infrastructure entity, that is controlled by the company, the company itself would be permitted under this Part to acquire a substantial investment in the other entity, (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4), or (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.1); or (e) any prescribed activity. Exception (3.1) Despite paragraph (3)(a), a life company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied: (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and (b) if the entity engages in other business, that business is limited to engaging in one or more of the following: (i) the activities of a mutual fund distribution entity, (ii) any activity that a company is permitted to engage in under subsection 441(1.1), and (iii) the provision of investment counselling services and portfolio management services. Permitted investments — property and casualty companies and marine companies (4) Subject to subsections (5) to (8) and Part XI, a property and casualty company, or a marine 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 (1)(a) to (j), whose business is limited to one or more of the following: (a) engaging in any financial service activity or in any other activity that a property and casualty company, or a marine company, is permitted to engage in under subsection 440(2) or section 441 or 442, other than paragraph 441(1)(h); (b) acquiring or holding shares of, or ownership interests in, entities in which a property and casualty company, or a marine company, is permitted under this Part to hold or acquire; (c) engaging in the provision of any services exclusively to any or all of the following, so long as the entity is providing those services to the company or any member of the company’s group: (i) the company, (ii) any member of the company’s group, (iii) any entity that is primarily engaged in the business of providing financial services, (iv) any permitted entity in which an entity referred to in subparagraph (iii) has a substantial investment, or (v) any prescribed person, if it is doing so under prescribed terms and conditions, if any are prescribed; (d) engaging in any activity that a property and casualty company, or a marine company, is permitted to engage in, other than an activity referred to in paragraph (a) or (e), that relates to (i) the promotion, sale, delivery or distribution of a financial product or financial service that is provided