GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 542.06
Residential mortgages restriction 542.06 (1) A society shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving the property, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 80 per cent of the value of the property at the time of the loan. Exception (2) Subsection (1) does not apply in respect of (a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of property on the security of which the society may make a loan is established; (b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or private insurer approved by the Superintendent; (c) the acquisition by the society from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the society to the entity against the issue of those securities; or (d) a loan secured by a mortgage where (i) the mortgage is taken back by the society on a property disposed of by the society, including where the disposition is by way of the realization of a security interest, and (ii) the mortgage secures payment of an amount payable to the society for the property. 1997, c. 15, s. 285; 2007, c. 6, s. 251
Insurance Companies Act — I-11.8 542.061
Restriction on charges to borrowers 542.061 (1) Subject to any regulations made under subsection (2), a society that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the society of the insurance or guarantee. Regulations (2) The Governor in Council may make regulations (a) respecting the determination of the actual cost to a society for the purposes of subsection (1); (b) respecting the circumstances in which a society is exempt from the application of subsection (1); (c) respecting, in relation to insurance or a guarantee against default on a loan made by a society in Canada on the security of residential property, (i) the arrangements into which the society, its representatives and its employees may or may not enter, and (ii) the payments or benefits that the society, its representatives and its employees may or may not accept from an insurer or the insurer’s affiliates; and (d) respecting any other matters necessary to carry out the purposes of subsection (1). Regulations — disclosure (3) The Governor in Council may make regulations respecting the disclosure by a society of information relating to insurance or a guarantee against default on a loan made by the society in Canada on the security of residential property, including regulations respecting (a) the information that must be disclosed, including information relating to (i) the person who benefits from the insurance or guarantee, (ii) the arrangements between the society, its representatives or its employees and the insurer or the insurer’s affiliates, and (iii) the payments and benefits that the society, its representatives and its employees accept from an insurer or the insurer’s affiliates; (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and (c) the circumstances under which a society is not required to disclose information. 2009, c. 2, s. 285; 2012, c. 5, s. 141(E)
Insurance Companies Act — I-11.8 542.07
Policies re security interests 542.07 (1) The directors of a society shall establish and the society shall adhere to policies regarding the creation of security interests in property of the society to secure obligations of the society and the acquisition by the society of beneficial interests in property that is subject to security interests. Order to amend policies (2) The Superintendent may, by order, direct a society to amend its policies as specified in the order. Compliance (3) A society shall comply with an order made under subsection (2) within the time specified in the order. 1997, c. 15, s. 285; 2001, c. 9, s. 433
Insurance Companies Act — I-11.8 542.071
Regulations and guidelines 542.071 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a society of security interests in its property to secure obligations of the society and the acquisition by the society of beneficial interests in property that is subject to security interests. 2001, c. 9, s. 433
Insurance Companies Act — I-11.8 542.08
Restriction on receivers 542.08 A society shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the society. 1997, c. 15, s. 285
Insurance Companies Act — I-11.8 542.09
Restriction on partnerships 542.09 Except with the approval of the Superintendent, a society may not be a general partner in a limited partnership or a partner in any partnership other than a limited partnership. 1997, c. 15, s. 285; 2001, c. 9, s. 434
Insurance Companies Act — I-11.8 542.1
General restriction 542.1 (1) A society shall not, and shall not permit its prescribed subsidiaries to, enter into any debt obligation, within the meaning assigned to that expression by the regulations, or permit its prescribed subsidiaries to issue any share, other than a common share, if as a result the aggregate of the total debt obligations of the society, determined in the prescribed manner, and the stated capital of the society would exceed the prescribed percentage of the total assets of the society. Exception (2) A society need not include in the aggregate amount calculated for the purpose of subsection (1) the value of any debt obligation or the stated capital of any shares if the value of the debt obligation or the stated capital of the shares is included as part of the regulatory capital of the society. 1997, c. 15, s. 285
Insurance Companies Act — I-11.8 542.11
Restriction on guarantees 542.11 (1) A society shall not guarantee on behalf of any person the payment or repayment of any sum of money unless (a) the sum of money is a fixed sum of money with or without interest on it; and (b) the person on whose behalf the society has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the society for the full amount of the payment or repayment to be guaranteed. Exception (2) Paragraph (1)(a) does not apply where the person on whose behalf the society has undertaken to guarantee a payment or repayment is a subsidiary of the society. Regulations (3) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 1997, c. 15, s. 285; 2001, c. 9, s. 435
Insurance Companies Act — I-11.8 542.12
Prepayment protected 542.12 (1) A society shall not make a loan to a natural person if the loan would be repayable in Canada and the terms would prohibit prepayment of the money advanced or any instalment of that money before its due date. Non-application of subsection (1) (2) Subsection (1) does not apply in respect of a loan (a) that is secured by a mortgage on real property; or (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed. 1997, c. 15, s. 285
Insurance Companies Act — I-11.8 543
Majority to reside in Canada 543 A majority of the members of the supreme governing body of every society shall at the time of their election or appointment be individuals who are resident in Canada.
Insurance Companies Act — I-11.8 544
Head office 544 (1) A society shall at all times have a head office in the province specified in its incorporating instrument or by-laws. Change of head office — different province (2) Despite anything contained in its incorporating instrument, any society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the head office of the society from one province to another. Change of head office — within a province (2.1) The supreme governing body of a society may, by resolution passed and approved by at least two thirds of the votes cast at a meeting, change the address of the head office within the province specified in the society’s by-laws. Notice of change of address (2.2) If there is a change of address of the head office of a society, the society shall send a notice of the change to the Superintendent within fifteen days after the change. Maximum period (3) A society shall establish by by-law the maximum period of time within which meetings of the society shall be held. 1991, c. 47, s. 544; 1997, c. 15, s. 286; 2005, c. 54, s. 298
Insurance Companies Act — I-11.8 544.1
Change of name 544.1 (1) Despite anything contained in its incorporating instrument, a society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the name of the society. Effective date (2) A by-law referred to in subsection (1) is not effective until the Superintendent approves it. 2001, c. 9, s. 436
Insurance Companies Act — I-11.8 545
Appointing proxyholder 545 (1) A member who is entitled to vote by by-law of a society may, if the by-laws of the society so provide, by executing an instrument of proxy, appoint a proxyholder or one or more alternate proxyholders, who are not required to be members of the society, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy. Validity of proxies (2) An instrument of proxy is not valid at a meeting of a society unless it is filed with the secretary of the society at least ten days before the date of the meeting and it may be revoked at any time. Societies to inform members of rights (3) A society for which an order approving the commencement and carrying on of business of life insurance has been made under this Act that has members who are entitled to vote at meetings of the society shall advise each of those members at least once a year by means of a statement printed in prominent type on a premium notice, premium receipt or dividend notice or otherwise, of the rights of the member to attend and to vote in person or by proxy at those meetings and to obtain a blank instrument of proxy on request therefor in writing to the secretary of the society, but in the case of a member who is not in receipt of a regular annual premium notice from the society, notice of the rights of the member to attend and to vote at meetings of the society may be given only at least once every five years.
Insurance Companies Act — I-11.8 546
Valuation balance sheet to be sent to members 546 Every society for which an order approving the commencement and carrying on of business has been made under this Act shall, not later than June 1 in each year, mail to each member of the society a copy of the valuation balance sheet in the prescribed form and an explanation of the facts concerning the condition of the society or, in lieu thereof, shall publish in its official paper that balance sheet and explanation and mail a copy of the issue of the paper containing the balance sheet and explanation to each of the society’s members.
Insurance Companies Act — I-11.8 547
Auditors and actuaries 547 (1) Divisions XIII and XIV of Part VI apply to societies with such modifications as the circumstances require. Appointment of actuary (2) The directors of a former-Act society shall, forthwith after the coming into force of this Part, appoint the actuary of the society.
Insurance Companies Act — I-11.8 548
By-laws 548 (1) Unless this Act otherwise provides, the supreme governing body of a society may by resolution make, amend or repeal any by-law that regulates the business or affairs of the society. Deemed by-laws (2) Any matter provided for in the incorporating instrument of a former-Act society on the coming into force of this Part that, under this Act, would be provided for in the by-laws of a society is deemed to be provided for in the by-laws of the society. Copies to Superintendent (3) Within thirty days after a by-law of a society comes into effect or is amended, the society shall send a copy of the by-law or the amendment to the Superintendent. A society shall send to the Superintendent, within six months after the coming into force of this subsection, its by-laws that are in effect on the coming into force of this subsection. 1991, c. 47, s. 548; 1997, c. 15, s. 287
Insurance Companies Act — I-11.8 549
Return 549 (1) Every society shall, each year before June 30 of that year, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director of the society; (b) the mailing address of each director; (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member; (d) the names of the directors referred to in paragraph (a) who are officers or employees of the society, and the positions they occupy; (e) the date of expiration of the term of each director referred to in paragraph (a); and (f) the name, address and date of appointment of the auditor of the society. Information (2) Where (a) any information relating to a director or auditor of a society shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c), becomes inaccurate or incomplete, (b) a vacancy in the position of auditor of the society occurs or is filled by another person, or (c) a vacancy on the supreme governing body of the society occurs or is filled, the society shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form. 1991, c. 47, s. 549; 1997, c. 15, s. 288
Insurance Companies Act — I-11.8 549.1
Sections 261, 262 and 266 to 270 apply 549.1 (1) Sections 261, 262 and 266 to 270 apply to societies, with the modifications that the circumstances require. For greater certainty (2) For greater certainty, subsection 262(3.1) does not apply to societies. 2012, c. 5, s. 142 2020, c. 1, s. 176
Insurance Companies Act — I-11.8 550
Non-application of sections 551 to 570 550 Sections 551 to 570 do not apply in respect of (a) any interest in real property arising through the holding of a security interest in real property; (b) any interest in an entity arising through the holding of a security interest in securities of that entity; or (c) assets of a segregated fund maintained as required by subsection 542.03(2). 1991, c. 47, s. 550; 1997, c. 15, s. 289
Insurance Companies Act — I-11.8 551
Investment standards 551 The directors of a society shall establish and the society shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return.
Insurance Companies Act — I-11.8 551.1
Limit — business growth fund 551.1 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a society 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. 148
Insurance Companies Act — I-11.8 552
) if the society 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 society. Non-application of subsection (2) (4.1) No society shall, under subsection (2), acquire control of, or acquire or increase a substantial investment in, an entity referred to in paragraph 554(1)(c). Holding (4.2) If a society holds a substantial investment in an entity referred to in paragraph 554(1)(c) that it acquired or increased under subsection (2) before the coming into force of subsection (4.1), the society 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, a society 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 a society decides to exercise its right under subsection (5), the society is deemed to be acquiring the control or the substantial investment under the other provision. 1991, c. 47, s. 552; 1997, c. 15, s. 290; 1999, c. 31, s. 144; 2001, c. 9, s. 437; 2007, c. 6, s. 252; 2013, c. 40, s. 171; 2018, c. 27, s. 149
Insurance Companies Act — I-11.8 553
Regulations re limits 553 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 sections 550 to 570; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by a society and its prescribed subsidiaries to or in a person and any persons connected with that person; and (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b). 1991, c. 47, s. 553; 2001, c. 9, s. 437
Insurance Companies Act — I-11.8 554
or the purposes of subsection (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 societies or other entities in respect of which that subsection does not apply, including prescribing societies or other entities on the basis of the activities they engage in; (b) for the purposes of subsection (5), 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 societies or other entities in respect of which that subsection does not apply, including prescribing societies or other entities on the basis of the activities they engage in; and (c) for the purposes of subsection (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 a society. 1991, c. 47, s. 554; 1997, c. 15, s. 291; 2001, c. 9, s. 437; 2007, c. 6, ss. 253, 336(F) 2018, c. 12, s. 346
Insurance Companies Act — I-11.8 555
Approval for indirect investments 555 If a society obtains the approval of the Minister under subsection 554(5) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the society indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 554(5) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the society is deemed to have obtained the approval of the Minister for that indirect acquisition or increase. 1991, c. 47, s. 555; 2001, c. 9, s. 437
Insurance Companies Act — I-11.8 556
Undertakings 556 (1) If a society controls a permitted entity, other than an entity referred to in any of paragraphs 554(1)(a) to (c), the society 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 a society acquires control of an entity referred to in paragraph 554(1)(b) or (c), the society 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 paragraph 554(1)(b) or (c) 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 Part, a society shall not control a permitted entity, other than an entity referred to in paragraph 554(1)(a), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the society obtains from the permitted entity an undertaking to provide the Superintendent with reasonable access to the records of the permitted entity. 1991, c. 47, s. 556; 2001, c. 9, s. 437
Insurance Companies Act — I-11.8 557
Temporary investments in entity 557 (1) Subject to subsection (4), a society 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. Transitional (2) Despite subsection (1), if a society that was in existence immediately before June 1, 1992 had an investment in an entity on September 27, 1990 that is a substantial investment within the meaning of section 10 and the society subsequently increases that substantial investment by way of a temporary investment, the society shall, within two years, or any other period that is specified or approved by the Superintendent, after increasing the substantial investment, do all things necessary to ensure that its substantial investment in the entity is no greater than it was on September 27, 1990. Extension (3) The Superintendent may, in the case of any particular society 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) or (2) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Temporary investment (4) If a society, 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 554(5) if the society had acquired the control, or acquired or increased the substantial investment, under section 554, the society 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. 1991, c. 47, s. 557; 2001, c. 9, s. 437; 2007, c. 6, s. 254