GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 960
Reliance on information 960 An insurance holding company and any person who is a director or an officer, employee or agent of the insurance holding company may rely on any information contained in a declaration required by the directors pursuant to section 959 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the insurance holding company or any such person for anything done or omitted to be done in good faith in reliance on any such information. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 961
Exemption regulations 961 The Governor in Council may, by regulation, exempt from any of the provisions of this Division any transaction or any class of transactions involving the transfer of shares on the death of the beneficial owner thereof, or any arrangement made in contemplation of the death of the beneficial owner, to one or more members of the beneficial owner’s family, or to one or more trustees on their behalf. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 962
Competition Act 962 Nothing in, or done under the authority of, this Act affects the operation of the Competition Act . 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 963
Main business 963 (1) Subject to this Part, an insurance holding company shall not engage in or carry on any business other than (a) acquiring, holding and administering investments that are permitted by this Part; (b) providing management, advisory, financing, accounting, information processing or other prescribed services to entities in which it has a substantial investment; and (c) any other prescribed business. Regulations (2) The Governor in Council may make regulations prescribing businesses or services for the purposes of subsection (1). 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 964
Restriction on partnerships 964 (1) Except with the approval of the Superintendent, an insurance holding company shall 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. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 965
Restriction on guarantees 965 (1) An insurance holding company shall not guarantee on behalf of any person the payment or repayment of any sum of money. Exception (2) Subsection (1) does not apply if (a) the person on whose behalf the insurance holding company has undertaken to guarantee the payment or repayment is a subsidiary of the insurance holding company; and (b) the subsidiary has an unqualified obligation to reimburse the insurance holding company for the full amount of the payment or repayment to be guaranteed. Regulations (3) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 966
Definitions 966 (1) The definitions in subsection 490(1) apply in respect of insurance holding companies, subject to the following: (a) the reference to “section 495” in the definition permitted entity is to be read as a reference to “section 971”; and (b) the reference to “company” in the definition permitted entity is to be read as a reference to “insurance holding company”. Members of an insurance holding company’s group (2) For the purpose of this Division, a member of an insurance holding company’s group is any of the following: (a) an entity referred to in any of paragraphs 971(1)(a) to (f) that controls the insurance holding company; (b) a subsidiary of the insurance holding company or of an entity referred to in any of paragraphs 971(1)(a) to (f) that controls the insurance holding company; (c) an entity in which the insurance holding company, or an entity referred to in any of paragraphs 971(1)(a) to (f) that controls the insurance holding company, has a substantial investment; or (d) a prescribed entity in relation to the insurance holding company. Non-application of Division (3) This Division does not apply in respect of (a) the holding of a security interest in real property, unless the security interest is prescribed under paragraph 984(a) to be an interest in real property; or (b) the holding of a security interest in securities of an entity. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 967
Investments 967 Subject to this Division, an insurance holding company may invest its funds in the shares of or ownership interests in any entity or make any other investment that its directors consider necessary or advisable to manage the insurance holding company’s liquidity. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 968
Investment standards 968 The directors of an insurance holding company shall establish and the insurance holding company shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply to avoid undue risk of loss and obtain a reasonable return. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 968.1
Limit — business growth fund 968.1 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that an insurance holding company and its subsidiaries hold must not exceed $200,000,000. Application (2) For the purposes of subsection (1), the value of an ownership interest is determined by the amount paid for it at the time of its issuance. 2018, c. 27, s. 150
Insurance Companies Act — I-11.8 969
or them at the time each was first acquired by any of those entities; and (b) the outstanding principal of all loans held by the business growth fund or the entities that the business growth fund controls. Exception: uncontrolled event (4) An insurance holding company is deemed not to contravene subsection (1) if the insurance holding company acquires control of, or acquires or increases a substantial investment in, an entity solely as the result of an event not within the control of the insurance holding company. Non-application of subsection (2) (4.1) No insurance holding company shall, under subsection (2), acquire control of, or acquire or increase a substantial investment in, an entity referred to in paragraph 971(1)(j). Holding (4.2) If an insurance holding company holds a substantial investment in an entity referred to in paragraph 971(1)(j) that it acquired or increased under subsection (2) before the coming into force of subsection (4.1), the insurance holding company may continue to hold that substantial investment. Application of other provision (5) Despite having acquired control of, or a substantial investment in, an entity under a particular provision of this Part, an insurance holding company may continue to control the entity or hold the substantial investment in the entity as though it had made the acquisition under another provision of this Part so long as the conditions of that other provision are met. Timing of deemed acquisition (6) If an insurance holding company decides to exercise its right under subsection (5), the insurance holding company is deemed to be acquiring the control or the substantial investment under the other provision. 2001, c. 9, s. 465; 2007, c. 6, s. 325; 2013, c. 40, s. 172; 2018, c. 27, s. 151
Insurance Companies Act — I-11.8 970
Regulations re limits 970 The Governor in Council may make regulations (a) respecting the determination of the amount or value of loans, investments and interests for the purposes of this Division; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by an insurance holding company and its prescribed subsidiaries to or in a person and any persons connected with that person; (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b); and (d) prescribing terms and conditions under which an insurance holding company may acquire control of, or acquire or increase a substantial investment in, a specialized financing entity. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 971
 of, or other ownership interests in, the target entity that are held by the insurance holding company or a subsidiary of the insurance holding company and that were acquired by the insurance holding company or the subsidiary within the 12 months preceding the transaction referred to in subparagraph (i), and (iii) the shares of, or other ownership interests in, the target entity that are held by a subsidiary of the insurance holding company the control of which was acquired by the insurance holding company within the 12 months preceding the transaction referred to in subparagraph (i), excluding any shares or other ownership interests referred to in subparagraph (ii), B is the value of the insurance holding company’s consolidated assets, as shown in its last annual statement prepared before the transaction that results in the acquisition or increase of the substantial investment in the target entity, and C is (i) 0.005, in the case of an insurance holding company with equity of 12 billion dollars or more, or (ii) 0.01, in the case of any other insurance holding company. No exception for deemed acquisition (7.1) The exception in paragraph (7)(d) does not apply with respect to a deemed acquisition of control under subsection 969(6). Control not required (8) An insurance holding company need not control an entity referred to in paragraph (1)(j), or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province, if the laws or customary business practices of the country under the laws of which the entity was incorporated or formed do not permit the insurance holding company to control the entity. Prohibition on giving up control in fact (9) An insurance holding company that, under subsection (4), controls an entity may not, without the prior written approval of the Minister, give up control, within the meaning of paragraph 3(1)(d), of the entity while it continues to control the entity. Giving up control (10) An insurance holding company that, under subsection (4), controls an entity may, with the prior written approval of the Superintendent, give up control of the entity while keeping a substantial investment in the entity if (a) the insurance holding company is permitted to do so by regulations made under paragraph 977(c); or (b) the entity meets the conditions referred to in subparagraph (4)(c)(iii). Subsections do not apply (11) If an insurance holding company controls, within the meaning of paragraph 3(1)(a), (b) or (c) an entity, subsections (5) and (6) do not apply in respect of any subsequent increases by the insurance holding company of its substantial investment in the entity so long as the insurance holding company continues to control the entity. 2001, c. 9, s. 465; 2007, c. 6, ss. 326, 336(F); 2012, c. 5, s. 158; 2018, c. 12, s. 347; 2018, c. 27, s. 134 2026, c. 3, s. 295
Insurance Companies Act — I-11.8 972
Approval for indirect investments 972 (1) If an insurance holding company obtains the approval of the Minister under subsection 971(5) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the insurance holding company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 971(5) or the Superintendent under subsection 971(6) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the insurance holding company is deemed to have obtained the approval of the Minister or the Superintendent for that indirect acquisition or increase. Approval for indirect investments (2) If an insurance holding company obtains the approval of the Superintendent under subsection 971(6) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase the insurance holding company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Superintendent under that subsection and that indirect acquisition or increase is disclosed to the Superintendent in writing before the approval is obtained, the insurance holding company is deemed to have obtained the approval of the Superintendent for that indirect acquisition or increase. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 973
Undertakings 973 (1) If an insurance holding company controls a permitted entity, other than an entity referred to in any of paragraphs 971(1)(a) to (f), the insurance holding company shall provide the Superintendent with any undertakings that the Superintendent may require regarding (a) the activities of the entity; and (b) access to information about the entity. Undertakings (2) If an insurance holding company acquires control of an entity referred to in any of paragraphs 971(1)(g) to (j), the insurance holding company shall provide the Superintendent with any undertakings concerning the entity that the Superintendent may require. Agreements with other jurisdictions (3) The Superintendent may enter into an agreement with the appropriate official or public body responsible for the supervision of any entity referred to in any of paragraphs 971(1)(g) to (j) in each province or in any other jurisdiction concerning any matters referred to in paragraphs (1)(a) and (b) or any other matter the Superintendent considers appropriate. Access to records (4) Despite any other provision of this Division, an insurance holding company shall not control a permitted entity, other than an entity referred to in any of paragraphs 971(1)(a) to (f), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the insurance holding company obtains from the permitted entity an undertaking to provide the Superintendent with reasonable access to the records of the permitted entity. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 974
Temporary investments in entity 974 (1) Subject to subsection (3), an insurance holding company may, by way of a temporary investment, acquire control of, or acquire or increase a substantial investment in, an entity but, within two years, or any other period that may be specified or approved by the Superintendent, after acquiring control or after acquiring or increasing the substantial investment, as the case may be, it shall do all things necessary to ensure that it no longer controls the entity or has a substantial investment in the entity. Extension (2) The Superintendent may, in the case of any particular insurance holding company that makes an application under this subsection, extend the period of two years, or the other period specified or approved by the Superintendent, that is referred to in subsection (1) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Temporary investment (3) If an insurance holding company, by way of temporary investment, acquires control of, or acquires or increases a substantial investment in, an entity for which the approval of the Minister would have been required under subsection 971(5) if the insurance holding company had acquired the control, or acquired or increased the substantial investment, under section 971, the insurance holding company must, within 90 days after acquiring control or after acquiring or increasing the substantial investment, (a) apply to the Minister for approval to retain control of the entity or to continue to hold the substantial investment in the entity for a period specified by the Minister or for an indeterminate period on any terms and conditions that the Minister considers appropriate; or (b) do all things necessary to ensure that, on the expiry of the 90 days, it no longer controls the entity or does not have a substantial investment in the entity. Indeterminate extension (4) If an insurance holding company, by way of temporary investment, acquires control of, or acquires or increases a substantial investment in, an entity for which the approval of the Superintendent would have been required under subsection 971(6) if the insurance holding company had acquired the control, or acquired or increased the substantial investment, under section 971, the Superintendent may, on application, permit the insurance holding company to retain control of the entity or to continue to hold the substantial investment in the entity for an indeterminate period, on any terms and conditions that the Superintendent considers appropriate. 2001, c. 9, s. 465; 2007, c. 6, s. 327
Insurance Companies Act — I-11.8 976
Realizations 976 (1) Despite anything in this Part, an insurance holding company may acquire control of, or a substantial investment in, an entity if the control or the substantial investment is acquired through the realization of a security interest held by a subsidiary of the insurance holding company. Disposition (2) Subject to subsection 756(2), if an insurance holding company acquires control of, or a substantial investment in, an entity by way of the realization of a security interest held by any of its subsidiaries, the insurance holding company shall, within five years after the day on which control or the substantial investment is acquired, cause the subsidiary to do all things necessary to ensure that the insurance holding company no longer controls the entity or has a substantial investment in the entity. Extension (3) The Superintendent may, in the case of any particular insurance holding company that makes an application under this subsection, extend the period of five years referred to in subsection (2) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Exception (4) If, under subsection (1), an insurance holding company acquires control of, or acquires or increases a substantial investment in, an entity that it would otherwise be permitted to acquire or increase under section 971, the insurance holding company may retain control of the entity or continue to hold the substantial investment for an indeterminate period if the approval in writing of the Minister is obtained before the end of the period referred to in subsection (2), including any extension of it granted under subsection (3). 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 977
Regulations restricting ownership 977 The Governor in Council may make regulations (a) for the purposes of subsection 971(4), permitting the acquisition of control or the acquisition or increase of substantial investments, or prescribing the circumstances under which that subsection does not apply or the insurance holding companies or other entities in respect of which that subsection does not apply, including prescribing insurance holding companies or other entities on the basis of the activities they engage in; (b) for the purposes of subsection 971(5) or (6), permitting the acquisition of control or the acquisition or increase of substantial investments, or prescribing the circumstances under which either of those subsections does not apply or the insurance holding companies or other entities in respect of which either of those subsections does not apply, including prescribing insurance holding companies or other entities on the basis of the activities they engage in; (c) for the purposes of subsection 971(10), permitting an insurance holding company to give up control of an entity; (d) restricting the ownership by an insurance holding company of shares of a body corporate or of ownership interests in an unincorporated entity under sections 971 to 976 and imposing terms and conditions applicable to insurance holding companies that own such shares or interests; and (e) for the purposes of subsection 971(2.1), 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. 2001, c. 9, s. 465 2018, c. 12, s. 348
Insurance Companies Act — I-11.8 978
Exclusion from portfolio limits 978 (1) Subject to subsection (3), the value of all loans, investments and interests acquired by an insurance holding company and any of its prescribed subsidiaries under section 975 or as a result of a realization of a security interest is not to be included in calculating the value of loans, investments and interests of the insurance holding company and its prescribed subsidiaries under sections 979 to 981 (a) for a period of twelve years following the day on which the interest was acquired, in the case of an interest in real property; and (b) for a period of five years after the day on which the loan, investment or interest was acquired, in the case of a loan, investment or interest, other than an interest in real property. Extension (2) The Superintendent may, in the case of any particular insurance holding company, extend any period referred to in subsection (1) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Exception (3) Subsection (1) does not apply to an investment or interest described in that subsection if the investment or interest is defined by a regulation made under section 984 to be an interest in real property and (a) the insurance holding company or the subsidiary acquired the investment or interest as a result of the realization of a security interest securing a loan that was defined by a regulation made under section 984 to be an interest in real property; or (b) the insurance holding company or the subsidiary acquired the investment or interest under section 975 as a result of a default referred to in that section in respect of a loan that was defined by a regulation made under section 984 to be an interest in real property. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 979
Insurance holding companies with regulatory capital of $25 million or less 979 Subject to section 980, an insurance holding company that has twenty-five million dollars or less of regulatory capital shall not acquire control of a permitted entity that holds commercial loans and shall not permit its prescribed subsidiaries to make or acquire a commercial loan or acquire control of a permitted entity that holds commercial loans if the aggregate value of all commercial loans held by the prescribed subsidiaries of the insurance holding company exceeds, or the making or acquisition of the commercial loan or acquisition of control of the entity would cause the aggregate value of all commercial loans held by the prescribed subsidiaries of the insurance holding company to exceed, 5 per cent of the total assets of the insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 980
Insurance holding companies with regulatory capital over $25 million 980 An insurance holding company that has twenty-five million dollars or less of regulatory capital that is controlled by a financial institution that has the equivalent of more than twenty-five million dollars of regulatory capital or an insurance holding company that has more than twenty-five million dollars of regulatory capital may acquire control of a permitted entity that holds commercial loans or permit its prescribed subsidiaries to make or acquire commercial loans or acquire control of a permitted entity that holds commercial loans if the aggregate value of all commercial loans held by the prescribed subsidiaries of the insurance holding company would thereby exceed the limit set out in section 979 only with the prior approval in writing of the Superintendent and in accordance with any terms and conditions that the Superintendent may specify. 2001, c. 9, s. 465