Insurance Companies Act — I-11.8 495
Permitted investments 495 (1) Subject to subsections (6) to (8) and Part XI, a company may acquire control of, or acquire or increase a substantial investment in (a) a company or a society; (b) an insurance holding company; (c) a bank; (d) a bank holding company; (e) a body corporate to which the Trust and Loan Companies Act applies; (f) an association to which the Cooperative Credit Associations Act applies; (g) a trust, loan or insurance corporation incorporated or formed by or under an Act of the legislature of a province; (h) a cooperative credit society incorporated or formed, and regulated, by or under an Act of the legislature of a province; (i) an entity that is incorporated or formed by or under an Act of Parliament or of the legislature of a province and that is primarily engaged in dealing in securities; or (j) an entity that is incorporated or formed, and regulated, otherwise than by or under an Act of Parliament or of the legislature of a province and that is primarily engaged outside Canada in a business that, if carried on in Canada, would be the business of banking, the business of a cooperative credit society, the business of insurance, the business of providing fiduciary services or the business of dealing in securities. Permitted investments — life companies (2) Subject to subsections (3) and (6) to (8) and Part XI, a life 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 life 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 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 life 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 by the life company or any member of the life company’s group, or (ii) if a significant portion of the business of the entity involves an activity referred to in subparagraph (i), the promotion, sale, delivery or distribution of a financial product or financial service that is provided by any other entity that is primarily engaged in the business of providing financial services; (e) engaging in the activities referred to in the definition closed-end fund , mutual fund distribution entity or mutual fund entity in subsection 490(1); and (f) engaging in prescribed activities, under prescribed terms and conditions, if any are prescribed. Permitted infrastructure entities (2.1) Subject to subsection (3) and Part XI, a life company may — under any prescribed terms and conditions — acquire control of, or acquire or increase a substantial investment in, a permitted infrastructure entity. Restriction (3) A life company may not acquire control of, or acquire or increase a substantial investment in, an entity whose business includes any activity referred 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 enti