Insurance Business (Authorized Foreign Banks) Regulations — 1
1 The definitions in this section apply in these Regulations. Act means the Bank Act . ( Loi ) authorized type of insurance means (a) credit or charge card-related insurance; (b) creditors’ disability insurance; (c) creditors’ life insurance; (d) creditors’ loss of employment insurance; (e) creditors’ vehicle inventory insurance; (f) export credit insurance; (g) mortgage insurance; or (h) travel insurance. ( assurance autorisée ) bank web page means a web page that an authorized foreign bank uses in relation to its business in Canada, including any information provided by the authorized foreign bank that is accessible on a telecommunications device. It does not include a web page that is only accessible by employees or agents of the authorized foreign bank. ( page Web de banque ) credit or charge card-related insurance , in respect of an authorized foreign bank, means a policy of an insurance company that provides insurance to the holder of a credit or charge card issued by the authorized foreign bank as a feature of the card, without request and without an individual assessment of risk, (a) against loss of, or damage to, goods purchased with the card; (b) under which the insurance company undertakes to extend a warranty provided by the manufacturer of goods purchased with the card; or (c) against any loss arising from a contractual liability assumed by the holder when renting a vehicle, when the rental is paid for with the card. ( assurance carte de crédit ou de paiement ) creditors’ disability insurance , in respect of an authorized foreign bank, means a group insurance policy that will pay all or part of the amount of a debt of a debtor to the authorized foreign bank, in the event of bodily injury to, or an illness or disability of, (a) where the debtor is a natural person, the debtor or the spouse or common-law partner of the debtor; (b) a natural person who is a guarantor of all or part of the debt; (c) where the debtor is a body corporate, any director or officer of the body corporate; or (d) where the debtor is an entity, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the authorized foreign bank. ( assurance-invalidité de crédit ) creditors’ life insurance , in respect of an authorized foreign bank, means a group insurance policy that will pay to the authorized foreign bank all or part of the amount of a debt of a debtor or, where a debt is in respect of a small business or a farm, fishery or ranch, all or part of the amount of the credit limit of a line of credit, in the event of the death of (a) where the debtor is a natural person, the debtor or the spouse or common-law partner of the debtor; (b) a natural person who is a guarantor of all or part of the debt; (c) where the debtor is a body corporate, a director or officer of the body corporate; or (d) where the debtor is an entity, any natural person who is essential to the ability of the debtor to meet the debtor’s financial obligations to the authorized foreign bank. ( assurance-vie de crédit ) creditors’ loss of employment insurance , in respect of an authorized foreign bank, means a policy of an insurance company that will pay, without any individual assessment of risk, all or part of the amount of a debt of a debtor to the authorized foreign bank, in the event that (a) the debtor, if the debtor is a natural person, becomes involuntarily unemployed; or (b) a natural person who is a guarantor of all or part of the debt becomes involuntarily unemployed. ( assurance crédit en cas de perte d’emploi ) creditors’ vehicle inventory insurance , in respect of an authorized foreign bank, means a policy of an insurance company that provides insurance against direct and accidental loss or damage to vehicles that are held in stock for display and sale purposes by a debtor of the authorized foreign bank, some or all of which have been financed by the authorized foreign bank; ( assurance crédit pour stocks de véhic