GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 579
Application 579 (1) An application for an order under subsection 574(1) must be filed with the Superintendent, together with the information, material and evidence that the Superintendent may require, including (a) documents relating to the constitution of the foreign entity; (b) a power of attorney to the chief agent appointed under subsection (3), in the form that the Superintendent may require; (c) a statement, in the form that the Superintendent may require, of the financial condition of the foreign entity and of the business of insurance undertaken by the foreign entity, and any additional statements or information that the Superintendent may require as to its solvency and its ability to meet all of its obligations; (d) evidence satisfactory to the Superintendent that the foreign entity is authorized under the laws of the country where it is incorporated or formed to insure risks within each class of insurance in Canada that that foreign entity has applied to insure; (e) in the case of a foreign fraternal benefit society, (i) a report of an actuary appointed by the foreign fraternal benefit society, in the form that the Superintendent may require, on the results of an actuarial valuation made by the actuary, as of the preceding December 31 or as of any later date specified by the Superintendent, of each of the benefit funds maintained by the foreign fraternal benefit society, having regard to the prospective liabilities of and contributions to each fund, and (ii) the opinion of the actuary that the assets of the foreign fraternal benefit society applicable to each fund, taken at the value accepted by the Superintendent, together with the premiums, dues and other contributions to be received after the date of the valuation from the members according to the scale in force at the date of the valuation, are sufficient to provide for the payment at maturity of all of the obligations of the fund without deduction or abatement; and (f) a copy of the resolution respecting the investment and lending policies, standards and procedures that the foreign entity is to establish and adhere to in accordance with subsection 615(1). Contents of power of attorney (2) A power of attorney referred to in paragraph (1)(b) must expressly authorize the chief agent to receive all notices under the laws of Canada from the Minister or the Superintendent. Appointment of chief agent (3) A foreign company shall appoint a natural person who is ordinarily resident in Canada to be its chief agent for the purposes of this Part. 1991, c. 47, s. 579; 1997, c. 15, s. 302; 2007, c. 6, s. 264
Insurance Companies Act — I-11.8 580
Publishing notice of intention 580 Before filing an application referred to in subsection 579(1), a foreign entity must, at least once a week for four consecutive weeks, publish, in a form satisfactory to the Superintendent, a notice of intention to make the application in the Canada Gazette and in a newspaper in general circulation at or near the place where its chief agency is to be situated if it is granted an order under subsection 574(1). 1991, c. 47, s. 580; 2007, c. 6, s. 265
Insurance Companies Act — I-11.8 581
Conditions for order 581 (1) The Superintendent shall not make an order under subsection 574(1) in respect of a foreign entity until it has been shown to the satisfaction of the Superintendent that all relevant requirements of this Act have been complied with and that the foreign entity has (a) vested in trust assets of at least five million dollars or any greater amount that the Superintendent specifies; (b) appointed an actuary under section 623 and an auditor under section 633; and (c) established its chief agency. Conditions of order (2) The order may contain any conditions or limitations that are consistent with this Act and that the Superintendent considers appropriate. 1991, c. 47, s. 581; 2005, c. 54, s. 299; 2007, c. 6, s. 265; 2012, c. 5, s. 144
Insurance Companies Act — I-11.8 582
Permissible securities 582 (1) The assets of a foreign entity to be vested in trust under paragraph 581(1)(a) are to consist of unencumbered securities of or guaranteed by Canada or a province. Other permissible securities (2) Those assets may also consist of other securities at the accepted value and on the conditions established by the Superintendent. 1991, c. 47, s. 582; 2007, c. 6, s. 266(E); 2012, c. 5, s. 145(E)
Insurance Companies Act — I-11.8 583
Contents of order 583 An order made under subsection 574(1) in respect of a foreign company must set out (a) the name of the foreign company and, if different, the name under which it is authorized to insure risks; (b) the day on which the order becomes effective; (c) the classes of insurance risks that the foreign company is authorized to insure; and (d) the conditions or limitations that are consistent with this Act that are considered appropriate by the Superintendent. 1991, c. 47, s. 583; 2007, c. 6, s. 267
Insurance Companies Act — I-11.8 584
Public notice 584 (1) On the making of an order under subsection 574(1) in respect of a foreign company, the foreign company must publish a notice of the making of the order in a newspaper in general circulation at or near the place where its chief agency is located. Notice in Canada Gazette (2) The Superintendent shall cause to be published in the Canada Gazette a notice of the making of the order referred to in subsection (1). 1991, c. 47, s. 584; 2007, c. 6, s. 268
Insurance Companies Act — I-11.8 585
Publication of list 585 Unless the regulations provide otherwise, the Superintendent shall cause to be published quarterly in the Canada Gazette a list of (a) foreign companies; (b) the classes of insurance specified in the orders of the Superintendent approving the insurance of risks by them; (c) their chief agents; and (d) the province in which their chief agencies are situated. 1991, c. 47, s. 585; 2005, c. 54, s. 300; 2007, c. 6, s. 269
Insurance Companies Act — I-11.8 586
Variations 586 (1) In respect of an order made under subsection 574(1) in respect of a foreign company, the Superintendent may at any time, by further order, (a) specify additional classes of insurance risks that the foreign company is authorized to insure; (b) make the order subject to conditions or limitations that are consistent with this Act and that are considered appropriate by the Superintendent; or (c) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject. Representations (2) Before making any such further order, the Superintendent must give the foreign company an opportunity to make representations regarding that further order. (3) to (6) [Repealed, 1996, c. 6, s. 85] 1991, c. 47, s. 586; 1996, c. 6, s. 85; 2007, c. 6, s. 270
Insurance Companies Act — I-11.8 587
Change of chief agent 587 (1) A foreign company that changes its chief agent shall, without delay after doing so, file with the Superintendent a further power of attorney appointing the new chief agent. Change of address (2) A foreign company that changes the address of its chief agency shall, within 15 days after doing so, send a notice of the change of address to the Superintendent. 1991, c. 47, s. 587; 2007, c. 6, s. 271
Insurance Companies Act — I-11.8 587.1
Restricted transactions 587.1 (1) Except in accordance with this section or an order made under subsection 678.6(1), a foreign company shall not cause itself to be reinsured, on an assumption basis, against all or any portion of the risks undertaken under its policies. Approval of the Superintendent (2) A foreign company may, with the approval of the Superintendent, cause itself to be reinsured, on an assumption basis, against all or any portion of the risks undertaken under its policies, by one or more of the following entities: (a) a company or society; (b) another foreign company that, in Canada, reinsures those risks; or (c) a body corporate incorporated or formed by or under the laws of a province, if the Superintendent has entered into satisfactory arrangements concerning the reinsurance with either or both of the body corporate and the appropriate official or public body responsible for the supervision of the body corporate. Prescribed transactions (3) The approval of the Superintendent is not required for a prescribed transaction or a transaction in a prescribed class of transactions. Procedure (4) The foreign company must, at least 30 days before it applies for the Superintendent’s approval, publish a notice in the Canada Gazette and in a newspaper in general circulation at or near the place where its chief agency is situated stating the day on or after which it will apply. Information (5) If a foreign company publishes a notice referred to in subsection (4), the Superintendent may direct the foreign company to provide its policyholders with any information that the Superintendent may require. Report of independent actuary (6) An application for approval must, if the Superintendent so requires, be accompanied by the report of an independent actuary on the proposed reinsurance agreement. Inspection (7) If a foreign company publishes a notice referred to in subsection (4), it must make the agreement for the transaction that the Superintendent is asked to approve available at its chief agency for the inspection of its policyholders for at least 30 days after the publication of the notice and must provide a copy of the agreement to any policyholder who requests one by writing to the chief agency. Superintendent may shorten periods (8) If the Superintendent is of the opinion that it is in the best interests of a group of policyholders affected by the transaction that the Superintendent is asked to approve, the Superintendent may shorten the periods of 30 days referred to in subsections (4) and (7). Regulations (9) The Governor in Council may make regulations respecting the circumstances in which foreign companies are deemed to be causing themselves to be reinsured, on an assumption basis, against risks undertaken under their policies. 1997, c. 15, s. 303; 1999, c. 1, s. 9; 2001, c. 9, s. 442; 2005, c. 54, s. 301; 2007, c. 6, s. 271
Insurance Companies Act — I-11.8 587.2
Approval by Superintendent 587.2 A transaction referred to in subsection 587.1(2) has no effect until it has been approved by the Superintendent. 2007, c. 6, s. 271
Insurance Companies Act — I-11.8 587.3
Notice to Superintendent 587.3 (1) A foreign company proposing to transfer all or substantially all of its policies must give notice of the proposal to the Superintendent. Information (2) After receiving the notice, the Superintendent may direct the foreign company to provide its policyholders with any information that the Superintendent may require. 2007, c. 6, s. 271
Insurance Companies Act — I-11.8 588
Restriction to reinsurance 588 (1) A foreign company may reinsure, but shall not otherwise insure, a risk falling within a class of insurance specified in the order made under subsection 574(1) in respect of the foreign company if the order limits the foreign company to the reinsurance of those risks. Continuation of certificate conditions (2) A condition that limits a foreign company to the reinsurance of risks falling within a class of insurance and that is contained in a certificate of registry issued under the Foreign Insurance Companies Act or under Part VIII of the Canadian and British Insurance Companies Act , or in any other authorization, that had not expired or been withdrawn before June 1, 1992 is deemed to be a condition in an order made under subsection 574(1) in respect of the foreign company. 1991, c. 47, s. 588; 2007, c. 6, s. 272
Insurance Companies Act — I-11.8 589
No new foreign composite companies 589 The Superintendent may not make or vary an order made under subsection 574(1) in respect of a foreign company if the foreign company would as a result be permitted to insure both risks falling within the class of life insurance and risks falling within any other class of insurance other than accident and sickness insurance, credit protection insurance and other approved products insurance. 1991, c. 47, s. 589; 1997, c. 15, s. 304; 2007, c. 6, s. 272
Insurance Companies Act — I-11.8 590
Saving for existing foreign composite companies 590 (1) Despite section 589, subsections 573(4) and 588(2) permit a foreign company to which was issued under the Foreign Insurance Companies Act or Part VIII of the Canadian and British Insurance Companies Act a certificate of registry or other authorization specifying both risks falling within the class of life insurance and risks falling within some other class of insurance, other than accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance, to insure those risks. Separate accounts for life insurance (2) A foreign company referred to in subsection (1) shall maintain an account and funds in respect of the insurance of risks falling within the classes of life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance separately from those maintained in respect of the insurance of risks falling within any other class of insurance. 1991, c. 47, s. 590; 2007, c. 6, s. 273
Insurance Companies Act — I-11.8 591
Compensation association 591 (1) Every foreign company that is insuring risks that fall within a class of insurance shall become and remain a member of any compensation association designated by order of the Minister for that class of insurance. Designation limitation (1.1) A compensation association shall not be designated under subsection (1) unless, in the opinion of the Minister, it has the authority to levy an assessment on each of its members of not less than eighty-five one hundredths of one per cent of the member’s average annual premium income from policies that are eligible for compensation from the association. Exceptions (2) Subsection (1) does not apply (a) to a foreign company that may reinsure but may not otherwise insure risks; (b) in respect of a class of insurance that, in the opinion of the Minister, is adequately covered by some other compensation plan for that class of insurance; (c) in respect of the insuring in Canada of risks against the loss of, or damage to, property caused by fire, by lightning, by an explosion due to ignition, by smoke or by breakage of or leakage from a sprinkler, from other fire protection equipment or from another fire protection system by a foreign company that is a member of the Fire Mutuals Guarantee Fund; or (d) to a foreign company that is a foreign fraternal benefit society or an exchange. 1991, c. 47, s. 591; 1996, c. 6, s. 86; 1997, c. 15, s. 305; 2007, c. 6, s. 274
Insurance Companies Act — I-11.8 592
Segregated funds restricted to foreign life companies 592 Unless authorized to insure risks that fall within the class of life insurance, a foreign company shall not (a) insure risks under policies, or (b) accept or retain on the direction of a policyholder or beneficiary policy dividends or bonuses, or policy proceeds that are payable on the surrender or maturity of the policy or on the death of the person whose life is insured, where the liabilities of the foreign company in respect of the policies or the amounts accepted or retained vary in amount depending on the market value of a fund consisting of a specified group of assets. 1991, c. 47, s. 592; 2007, c. 6, s. 275
Insurance Companies Act — I-11.8 593
Where segregated funds required 593 A foreign company that issues policies described in section 592 or accepts or retains amounts so described shall, in respect of those policies or amounts, (a) maintain separate accounts; and (b) establish and maintain one or more funds consisting of assets in Canada that are segregated from the other assets in Canada of the foreign company and that are specified as the assets on the market value of which the liabilities of the foreign company in respect of those policies or amounts depend.
Insurance Companies Act — I-11.8 594
Claims against segregated funds 594 A claim against a segregated fund maintained as required by section 593 under a policy or for an amount in respect of which the fund is maintained has priority over any other claim against the assets of that fund, including the claims referred to in section 161 of the Winding-up and Restructuring Act , except to the extent that the payment of that other claim is secured by a security interest in or on a specific, identifiable asset of the segregated fund. 1991, c. 47, s. 594; 1996, c. 6, s. 167; 1997, c. 15, s. 306; 2007, c. 6, s. 276
Insurance Companies Act — I-11.8 595
Restriction of claims 595 The liability of a foreign company under a policy or for an amount in respect of which a segregated fund is maintained pursuant to section 593 (a) does not, except to the extent that the assets of the fund are insufficient to satisfy a claim for any minimum amount that the foreign company agrees to pay under the policy or in respect of the amount, give rise to a claim against any assets in Canada of the foreign company, other than the assets of that fund, but (b) to the extent that the assets of the fund are insufficient to satisfy such a claim, gives rise to a claim against the assets in Canada of the foreign company, other than the assets of that fund, that has the priority referred to in subsection 161(2) of the Winding-up and Restructuring Act . 1991, c. 47, s. 595; 1996, c. 6, s. 167; 2007, c. 6, s. 276
Insurance Companies Act — I-11.8 596
Regulations 596 (1) The Governor in Council may make regulations limiting the extent to which foreign companies may cause themselves to be reinsured against risks undertaken under their policies. Regulation may provide for discretion (2) A regulation made pursuant to subsection (1) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulation may specify. 1991, c. 47, s. 596; 2007, c. 6, s. 277
Insurance Companies Act — I-11.8 597
Restriction re related parties 597 (1) Except with the approval of the Superintendent, a foreign company may cause itself to be reinsured, in respect of risks undertaken under its policies, by a related party of the foreign company only if the related party is (a) a company; or (b) a foreign company that, in Canada, reinsures those risks. Meaning of related party (2) For the purposes of this section, related party , in relation to a foreign company, means a related party within the meaning of Part XI, with such modifications as the circumstances require. 1991, c. 47, s. 597; 2007, c. 6, s. 278
Insurance Companies Act — I-11.8 598
Definition of cost of borrowing 598 For the purposes of this section and sections 598.1 to 605, cost of borrowing means, in respect of a loan or an advance on the security or against the cash surrender value of a policy made by a foreign company, (a) the interest or discount applicable to the loan or advance; (b) any amount charged in connection with the loan or advance that is payable by the borrower to the foreign company; and (c) any charge prescribed to be included in the cost of borrowing. For those purposes, however, cost of borrowing does not include any charge prescribed to be excluded from the cost of borrowing. 1991, c. 47, s. 598; 1997, c. 15, s. 307; 2001, c. 9, s. 443
Insurance Companies Act — I-11.8 598.1
Rebate of borrowing costs 598.1 (1) Where a foreign company makes a loan in respect of which the disclosure requirements of section 599 apply, and the loan is not secured by a mortgage on real property and is required to be repaid either on a fixed future date or by instalments, the foreign company shall, if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan. Exception (2) The charges to be rebated do not include the interest or discount applicable to the loan. Regulations (3) The Governor in Council may make regulations governing the rebate of charges under subsection (1). The rebate shall be made in accordance with those regulations. 1997, c. 15, s. 307
Insurance Companies Act — I-11.8 599
Disclosing borrowing costs 599 (1) A foreign company shall not include in its assets in Canada any loan to a natural person that is repayable in Canada unless the cost of borrowing, as calculated and expressed in accordance with section 600, and other prescribed information have been disclosed by the foreign company to the borrower at the prescribed time and place and in the prescribed form and manner. Non-application (2) Subsection (1) does not apply in respect of a loan that is of a prescribed class of loans. 1991, c. 47, s. 599; 1997, c. 15, s. 307; 2012, c. 5, s. 146
Insurance Companies Act — I-11.8 600
Calculating borrowing costs 600 The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are duly fulfilled and shall be expressed as a rate per annum and, in prescribed circumstances, as an amount in dollars and cents.
Insurance Companies Act — I-11.8 601.1
Renewal statement 601.1 If a foreign company makes a loan in respect of which the disclosure requirements of section 599 apply and the loan is secured by a mortgage on real property, the foreign company shall disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan. 1997, c. 15, s. 309; 2012, c. 5, s. 148
Insurance Companies Act — I-11.8 601.2
Disclosure in advertising 601.2 No person shall authorize the publication, issue or appearance of any advertisement in Canada relating to arrangements referred to in subsection 601(4), loans, credit cards, payment cards or charge cards, offered to natural persons by a foreign company, and purporting to disclose prescribed information about the cost of borrowing or about any other matter unless the advertisement discloses prescribed information at the prescribed time and place and in the prescribed form and manner. 1997, c. 15, s. 309; 2012, c. 5, s. 148
Insurance Companies Act — I-11.8 602
Disclosing borrowing costs — advances 602 If regulations have been made respecting the manner in which the cost of borrowing is to be disclosed in respect of an advance on the security or against the cash surrender value of a policy, a foreign company shall not make such an advance unless the cost of borrowing, as calculated and expressed in accordance with the regulations, has, at the prescribed time and place and in the prescribed form and manner, been disclosed by the foreign company or otherwise as prescribed to the policyholder at or before the time when the advance is made. 1991, c. 47, s. 602; 2007, c. 6, s. 279; 2012, c. 5, s. 148