GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 570.16
Reliance on statements 570.16 A liquidator is not liable if the liquidator relies in good faith on (a) financial statements of the society represented to the liquidator by an officer of the society, or on a written report of the auditor of the society, to reflect fairly the financial condition of the society; or (b) an opinion, report or statement of an actuary, lawyer, notary, accountant, appraiser or other professional adviser retained by the liquidator. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.17
Examination of others 570.17 (1) If a liquidator has reason to believe that any property of the society is in the possession or under the control of a person or that a person has concealed, withheld or misappropriated the property, the liquidator may apply to the court for an order requiring that person to appear before the court at the time and place designated in the order and to be examined. Restoration and compensation (2) If an examination conducted under subsection (1) discloses that a person has concealed, withheld or misappropriated any property of the society, the court may order that person to restore the property or pay compensation to the liquidator. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.18
Costs of liquidation 570.18 A liquidator shall pay the costs of liquidation out of the property of the society and shall pay or make adequate provision for all claims against the society. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.19
Final accounts 570.19 (1) Within one year after the appointment of a liquidator and after paying or making adequate provision for all claims against the society, the liquidator shall apply to the court (a) for approval of the final accounts of the liquidator and for an order permitting the distribution, in money or in kind, of the remaining property of the society to its members, if any, or to the incorporators, according to their respective rights; or (b) for an extension of time, setting out the reasons for the extension. Member application (2) If a liquidator fails to make the application required by subsection (1), a member of the society or, if there are no members of the society, an incorporator may apply to the court for an order for the liquidator to show cause why a final accounting and distribution should not be made. Notification of final accounts (3) A liquidator who intends to make an application under subsection (1) shall give notice of that intention to the Superintendent, to each inspector appointed under section 570.11, to each member of the society or, if there are no members, to each incorporator and to any person who provided a security or fidelity bond for the liquidation. Publication (4) The liquidator shall publish the notice required under subsection (3) in the Canada Gazette , and once a week for two consecutive weeks in one or more newspapers in general circulation in each province in which the society has transacted any business within the preceding twelve months, or as otherwise directed by the court. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.2
Final order 570.2 (1) If the court approves the final accounts rendered by a liquidator, the court shall make an order (a) directing the society to apply to the Minister for letters patent dissolving the society; (b) directing the custody or disposal of the documents, records and registers of the society; and (c) discharging the liquidator except in respect of the duty of a liquidator under subsection (2). Delivery of order (2) The liquidator shall without delay send a certified copy of the order referred to in subsection (1) to the Superintendent. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.21
Right to distribution of money 570.21 (1) A member or incorporator may apply to the court for an order requiring the distribution of the remaining property of a society to be in money if, in the course of the liquidation of the society, the members resolve to, or the liquidator proposes to, (a) exchange all or substantially all of the remaining property of the society for securities of another entity that are to be distributed to the members or to the incorporators; or (b) distribute all or part of the remaining property of the society to the members or to the incorporators in kind. Powers of court (2) On an application under subsection (1), the court may order (a) all of the remaining property of the society to be converted into and distributed in money; or (b) the claim of any member or incorporator applying under this section to be satisfied by a distribution in money. Order by court (3) Where an order is made by a court under paragraph (2)(b), the court (a) shall fix a fair value on the share of the property of the society attributable to the member or incorporator; (b) may in its discretion appoint one or more appraisers to assist the court in fixing a fair value in accordance with paragraph (a); and (c) shall render a final order against the society in favour of the member or incorporator for the amount of the share of the property of the society attributable to the member or incorporator. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.22
Dissolution by letters patent 570.22 (1) On an application made under an order under paragraph 570.2(1)(a), the Minister may issue letters patent dissolving the society. Society dissolved (2) A society in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the date of the issuance of the letters patent. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.23
Definitions 570.23 In sections 570.25 and 570.26, member and incorporator include the heirs and personal representatives of a member or incorporator. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.24
Continuation of actions 570.24 (1) Even if a society has been dissolved under this Part, (a) a civil, criminal or administrative action or proceeding brought by or against the society before its dissolution may be continued as if the society had not been dissolved; (b) a civil, criminal or administrative action or proceeding may be brought against the society within two years after its dissolution as if the society had not been dissolved; and (c) any property that would have been available to satisfy any judgment or order if the society had not been dissolved remains available for that purpose. Service on society (2) Service of a document on a society after its dissolution may be effected by serving the document on a person shown as a director in the incorporating instrument of the society or, if applicable, in the latest return sent to the Superintendent under subsection 549(1). 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.25
Limitations on liability 570.25 (1) Even if a society has been dissolved, a member or incorporator to whom any of its property has been distributed is liable to any person claiming under subsection 570.24(1), to the extent of the amount received by that member or incorporator on the distribution. Limitation (2) An action to enforce liability under subsection (1) may not be commenced more than two years after the date of the dissolution of the society. Action against class (3) A court may order an action referred to in subsections (1) and (2) to be brought against the persons who were members or incorporators as a class, subject to such conditions as the court thinks fit. Reference (4) If the plaintiff establishes a claim in an action under subsection (3), the court may refer the proceedings to a referee or other officer of the court who may (a) add as a party to the proceedings each person found by the plaintiff to have been a member or incorporator; (b) determine, subject to subsection (1), the amount that each person who was a member or incorporator must contribute towards satisfaction of the plaintiff’s claim; and (c) direct payment of the amounts so determined. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.26
Where creditor cannot be found 570.26 If a creditor, member or incorporator to whom property is to be distributed on the dissolution of a society cannot be found, the portion of the property to be distributed to that creditor, member or incorporator shall be converted into money and paid in accordance with section 570.28. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.27
Vesting in Crown 570.27 Subject to subsection 570.24(1) and sections 570.28 and 570.29, property of a society that has not been disposed of at the date of the dissolution of the society vests in Her Majesty in right of Canada. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.28
Unclaimed money on winding-up 570.28 (1) Where the business of a society is being wound up under this Part, the liquidator or the society shall pay to the Minister on demand, and in any event before the final winding-up of that business, any amount that is payable by the liquidator or the society to a creditor, member or incorporator of the society and that has not, for any reason, been paid. Records (2) If a liquidator or a society makes a payment to the Minister under subsection (1) with respect to a creditor, member or incorporator, the liquidator or society shall at the same time forward to the Minister all documents, records and registers in the possession of the liquidator or society that relate to the entitlement of the creditor, member or incorporator. Payment to Receiver General (3) The Minister shall pay to the Receiver General all amounts paid to the Minister under subsection (1). Liquidator and company discharged (4) Payment by a liquidator or a society to the Minister under subsection (1) discharges the liquidator and the society in respect of which the payment is made from all liability for the amount so paid, and payment by the Minister to the Receiver General under subsection (3) discharges the Minister from all liability for the amount so paid. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.29
Recovery 570.29 If at any time a person establishes an entitlement to any money paid to the Receiver General under this Part, the Receiver General shall pay an equivalent amount to that person out of the Consolidated Revenue Fund. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 570.3
Custody of records after dissolution 570.3 A person who has been granted custody of the documents, records and registers of a dissolved society shall keep them available for production for six years after the date of the dissolution of the society or until the end of such shorter period as may be ordered by the court when it orders the dissolution. 1997, c. 15, s. 298
Insurance Companies Act — I-11.8 571
Definitions 571 In this Part, association means an association of persons formed in a foreign country on the plan known as Lloyd’s, whereby each member of the association participating in a policy becomes liable for a stated, limited or proportionate part of the whole amount payable under the policy; ( association ) chief agency means the principal office of a foreign company in Canada; ( agence principale ) chief agent , in respect of a foreign company, means the natural person appointed pursuant to subsection 579(3) and named as such in the power of attorney referred to in paragraph 579(1)(b); ( agent principal ) exchange means a group of persons formed in a foreign country for the purpose of exchanging reciprocal contracts of indemnity or inter-insurance with each other through the same attorney, where the principal office of the exchange is in a foreign country; ( groupe d’échange ) foreign entity means an entity incorporated or formed by or under the laws of a country other than Canada, and includes an association and an exchange; ( entité étrangère ) foreign fraternal benefit society means a fraternal benefit society incorporated outside Canada; ( société de secours étrangère ) foreign life company means a foreign company that is authorized to insure risks that fall within the class of life insurance; ( société d’assurance-vie étrangère ) foreign marine company means a foreign company that is authorized to solely insure risks within the class of marine insurance; ( société d’assurance maritime étrangère ) foreign property and casualty company means a foreign company other than a foreign life company or a foreign marine company. ( société d’assurances multirisques étrangère ) fraternal benefit society [Repealed, 1997, c. 15, s. 299] 1991, c. 47, s. 571; 1996, c. 6, s. 83.1; 1997, c. 15, s. 299; 2007, c. 6, s. 256
Insurance Companies Act — I-11.8
association means an association of persons formed in a foreign country on the plan known as Lloyd’s, whereby each member of the association participating in a policy becomes liable for a stated, limited or proportionate part of the whole amount payable under the policy; ( association )
Insurance Companies Act — I-11.8
chief agency means the principal office of a foreign company in Canada; ( agence principale )
Insurance Companies Act — I-11.8
chief agent , in respect of a foreign company, means the natural person appointed pursuant to subsection 579(3) and named as such in the power of attorney referred to in paragraph 579(1)(b); ( agent principal )
Insurance Companies Act — I-11.8
exchange means a group of persons formed in a foreign country for the purpose of exchanging reciprocal contracts of indemnity or inter-insurance with each other through the same attorney, where the principal office of the exchange is in a foreign country; ( groupe d’échange )
Insurance Companies Act — I-11.8
foreign entity means an entity incorporated or formed by or under the laws of a country other than Canada, and includes an association and an exchange; ( entité étrangère )
Insurance Companies Act — I-11.8
foreign fraternal benefit society means a fraternal benefit society incorporated outside Canada; ( société de secours étrangère )
Insurance Companies Act — I-11.8
foreign life company means a foreign company that is authorized to insure risks that fall within the class of life insurance; ( société d’assurance-vie étrangère )
Insurance Companies Act — I-11.8
foreign marine company means a foreign company that is authorized to solely insure risks within the class of marine insurance; ( société d’assurance maritime étrangère )
Insurance Companies Act — I-11.8
foreign property and casualty company means a foreign company other than a foreign life company or a foreign marine company. ( société d’assurances multirisques étrangère )
Insurance Companies Act — I-11.8
fraternal benefit society [Repealed, 1997, c. 15, s. 299]
Insurance Companies Act — I-11.8 572
Application — insurance business in Canada 572 This Part applies only in respect of the insurance business in Canada of a foreign entity. 1991, c. 47, s. 572; 2007, c. 6, s. 257
Insurance Companies Act — I-11.8 572.1
Exception 572.1 Despite section 572, this Part does not apply in respect of the insurance against injury to persons or loss of or damage to property, or liability for such injury, loss or damage, caused by nuclear energy, including ionizing radiation and contamination by radioactive substances, to the extent that, in the opinion of the Superintendent, that insurance is not available within Canada. 2007, c. 6, s. 257
Insurance Companies Act — I-11.8 573
Restriction on insuring of risks unless authorized 573 (1) A foreign entity shall not insure in Canada a risk unless it is authorized by order made under subsection 574(1). Restriction to specified classes of insurance (2) A foreign company shall not insure in Canada a risk unless the risk falls within a class of insurance that is specified in the order made under subsection 574(1) in respect of the foreign company. Restriction on issuance of annuities or endowment insurance (3) Unless authorized to insure in Canada risks falling within the class of life insurance, a foreign company shall not issue annuities or policies of endowment insurance in Canada. Transitional (4) A certificate of registry issued to a foreign entity under the Foreign Insurance Companies Act or Part VIII of the Canadian and British Insurance Companies Act , or any other authorization, that had not expired or been withdrawn before June 1, 1992 is deemed to be an order made under subsection 574(1) and the foreign entity remains subject to any and all other conditions and limitations contained in the certificate or other authorization. Continuance of certificate limitations (5) A class of insurance specified in a certificate of registry or other authorization referred to in subsection (4) is deemed to be specified in an order of the Superintendent approving the insuring in Canada of risks by the foreign company. 1991, c. 47, s. 573; 1997, c. 15, s. 300(F); 2007, c. 6, s. 259
Insurance Companies Act — I-11.8 574
Application for order 574 (1) On application by a foreign entity, the Superintendent may, with the approval of the Minister but subject to the other provisions of this Part, make an order approving the insuring in Canada of risks by the foreign entity. Reciprocal treatment (2) If the application is made by a foreign entity that is not controlled by a WTO Member resident, the Minister shall not approve the making of an order under subsection (1) unless the Minister is satisfied that treatment as favourable for companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign entity principally carries on business, either directly or through a subsidiary. 1991, c. 47, s. 574; 1999, c. 28, s. 125; 2007, c. 6, s. 260
Insurance Companies Act — I-11.8 574.1
Policies and procedures — integrity or security 574.1 A foreign company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada. 2023, c. 26, s. 582
Insurance Companies Act — I-11.8 575
Prohibited names 575 (1) An order made under subsection 574(1) may not provide for the use of a name that (a) is prohibited by an Act of Parliament; (b) is, in the opinion of the Superintendent, deceptively misdescriptive; (c) is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, any existing trademark, trade name or corporate name of a body corporate, except where (i) the trademark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name, and (ii) consent to the use of the trademark, trade name or corporate name is signified to the Superintendent in any manner that the Superintendent may require; (d) is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, the known name under or by which any entity carries on business or is identified; or (e) is reserved under section 45 for a company or society or proposed company or society. Affiliated entity (2) Despite subsection (1), an order made under subsection 574(1) may provide for the use of a name that is the same or substantially the same as that of an entity with which the foreign entity is affiliated, within the meaning of subsection 6(2), if that other entity consents to the use of the name. Representations to Superintendent (3) If the Superintendent does not make an order for one of the reasons specified in subsection (1), he or she must, by a notice in writing to that effect, give the foreign entity and any other interested party an opportunity to make representations. 1991, c. 47, s. 575; 1996, c. 6, s. 84; 1997, c. 15, s. 301; 2007, c. 6, s. 260 2014, c. 20, s. 366(E)
Insurance Companies Act — I-11.8 576
Change of name 576 (1) On the application of a foreign company, the Superintendent may, subject to subsection 575(1), by further order, change the name under which a foreign company insures risks. (2) [Repealed, 2007, c. 6, s. 261] 1991, c. 47, s. 576; 1996, c. 6, s. 84; 2007, c. 6, s. 261
Insurance Companies Act — I-11.8 577
Direction to change of name 577 (1) If through inadvertence or otherwise a foreign company is permitted by an order made under subsection 574(1) to insure risks under a name that is prohibited by section 575, the Superintendent may direct the foreign company to change the name without delay. Revoking name (2) Where a foreign company has been directed under subsection (1) to change the name under which it insures risks and has not, within sixty days after the service of the direction, changed that name to a name that is not prohibited by this Part, the Superintendent may revoke the name under which the foreign company insures risks and assign to it a name and, until changed in accordance with subsection 576(1), the name under which the foreign company is to insure risks is thereafter the name so assigned. 1991, c. 47, s. 577; 1996, c. 6, s. 84; 2007, c. 6, s. 262
Insurance Companies Act — I-11.8 578
French, English or foreign form of name 578 (1) The name under which a foreign company is authorized to insure risks, as set out in the order made under subsection 574(1), may be in an English form, a French form, an English form and a French form, a combined English and French form or a form combining words in a language other than English or French with one of the forms specified in this subsection. Other name (2) Subject to subsections (3) and (4), a foreign company may carry on its insurance business in Canada under a name other than the name set out in the order made under subsection 574(1) in respect of the foreign company. Direction to change name (3) If a foreign company carries on its insurance business in Canada under a name other than a name set out in the order made under subsection 574(1) in respect of the foreign company, the Superintendent may direct the foreign company not to use that other name if the Superintendent is of the opinion that the other name is a name referred to in any of paragraphs 575(1)(a) to (e). Publication of name (4) A foreign company shall set out, or cause to be set out, its name and, if different, the name under which it is authorized to insure risks, in legible characters in all contracts, premium notices, applications for policies, policies, negotiable instruments and other documents evidencing rights and obligations with respect to other parties that are issued or made by or on behalf of the foreign company. Publication of statement (5) A foreign company shall set out or cause to be set out in legible characters in all premium notices, applications for policies and policies that are issued or made by or on behalf of the foreign company a statement that the document was issued or made in the course of its insurance business in Canada. Continuation of registered names (6) The name of a foreign company, as set out in a certificate of registry referred to in subsection 573(4), or in any other authorization, is deemed to be set out in an order of the Superintendent made under subsection 574(1) in respect of the foreign company. 1991, c. 47, s. 578; 2007, c. 6, s. 263