GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 489.2
Regulations re disclosure 489.2 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by companies or any prescribed class of companies, including regulations respecting (a) the information that must be disclosed, including information relating to (i) any product or service or prescribed class of products or services offered by them, (ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services, (iii) anything they are required to do or to refrain from doing under a consumer provision, and (iv) any other matter that may affect their dealings, or their employees’ or representatives’ dealings, with customers or the public; (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 content and form of any advertisement by companies or any prescribed class of companies relating to any matter referred to in paragraph (a). 2001, c. 9, s. 425; 2007, c. 6, s. 231; 2012, c. 5, s. 139
Insurance Companies Act — I-11.8 489.3
Provisions that do not apply 489.3 (1) Paragraphs 165(2)(f) and (g) and sections 479 to 489.2 do not apply in respect of a company if (a) the order approving the commencement and carrying on of business by the company restricts it to the reinsurance of risks within a class of insurance specified in the order; (b) it has provided the Commissioner with a declaration stating that it is not dealing with a prescribed group of consumers or carrying on any prescribed activity; and (c) after providing the declaration, it continues to not deal with that prescribed group. Notice if action taken that causes provisions to apply (2) The company must give notice to the Commissioner if it subsequently deals with the prescribed group referred to in the declaration. 2007, c. 6, s. 232
Insurance Companies Act — I-11.8 490
llection of payments for any such interests if (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels ) mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels ) participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution. ( action participante ) permitted entity means an entity in which a company is permitted to acquire a substantial investment under section 495. ( entité admissible ) prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire ) specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial ) Members of a company’s group (2) For the purpose of this Part, a member of a company’s group is any of the following: (a) an entity referred to in any of paragraphs 495(1)(a) to (f) that controls the company; (b) a subsidiary of the company or of an entity referred to in any of paragraphs 495(1)(a) to (f) that controls the company; (c) an entity in which the company, or an entity referred to in any of paragraphs 495(1)(a) to (f) that controls the company, has a substantial investment; or (d) a prescribed entity in relation to the company. Exclusion of assets and liabilities of segregated funds (3) A reference in this Part to the assets or liabilities of a company does not include (a) assets of a segregated fund maintained pursuant to section 451; or (b) liabilities of the company under the policies and for the amounts in respect of which such a fund is maintained. 1991, c. 47, ss. 490, 760; 1993, c. 34, s. 81(F); 1997, c. 15, s. 264; 2001, c. 9, s. 426; 2007, c. 6, s. 233; 2008, c. 28, s. 154; 2018, c. 27, s. 145
Insurance Companies Act — I-11.8
business growth fund means Canadian Business Growth Fund (GP) Inc., a corporation incorporated under the Canada Business Corporations Act . ( fonds de croissance des entreprises )
Insurance Companies Act — I-11.8 (a)
closed-end fund means an entity whose activities are limited to investing the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities, and whose securities are (a) fixed in number and distributed to the public in an offering under a preliminary prospectus, prospectus, short-form prospectus or similar document in accordance with the laws of a province or a foreign jurisdiction; (b) traded on an exchange or an over-the-counter market; and (c) liquidated on a fixed future termination date, the proceeds of which are allocated to the holders of the securities on a proportional basis. ( fonds d’investissement à capital fixe )
Insurance Companies Act — I-11.8 (a)
cy thereof, or by the government of a foreign country or any political subdivision thereof, or by any agency thereof, or by a prescribed international agency, (iii) debt obligations that are guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in subparagraph (ii), (iv) debt obligations that are widely distributed, as that expression is defined by the regulations, or (v) debt obligations of an entity controlled by the company; and (c) an investment in shares of a body corporate or ownership interests in an unincorporated entity, other than (i) shares or ownership interests that are widely distributed, as that expression is defined by the regulations, (ii) shares or ownership interests of an entity controlled by the company, or (iii) participating shares. ( prêt commercial )
Insurance Companies Act — I-11.8
factoring entity means a factoring entity as defined in the regulations. ( entité s’occupant d’affacturage )
Insurance Companies Act — I-11.8
finance entity means a finance entity as defined in the regulations. ( entité s’occupant de financement )
Insurance Companies Act — I-11.8 (a)
financial leasing entity means an entity (a) the activities of which are limited to the financial leasing of personal property and such related activities as are prescribed and whose activities conform to such restrictions and limitations thereon as are prescribed; and (b) that, in conducting the activities referred to in paragraph (a) in Canada, does not (i) direct its customers or potential customers to particular dealers in the leased property or the property to be leased, (ii) enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined by the regulations, of less than twenty-one tonnes, or (iii) enter into lease agreements with natural persons in respect of personal household property, as that expression is defined by the regulations. ( entité s’occupant de crédit-bail )
Insurance Companies Act — I-11.8
loan includes an acceptance, advance on the security of or against the cash surrender value of a policy, endorsement or other guarantee, a deposit, a financial lease, a conditional sales contract, a repurchase agreement and any other similar arrangement for obtaining funds or credit but does not include investments in securities. ( prêt ou emprunt )
Insurance Companies Act — I-11.8 (a)
motor vehicle means a motorized vehicle designed to be used primarily on a public highway for the transportation of persons or things, but does not include (a) a fire-engine, bus, ambulance or utility truck; or (b) any other special purpose motorized vehicle that contains significant special features that make it suitable for a specific purpose. ( véhicule à moteur )
Insurance Companies Act — I-11.8 (a)
mutual fund distribution entity means an entity whose principal activity is acting as a selling agent of units, shares or other interests in a mutual fund and acting as a collecting agent in the collection of payments for any such interests if (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels )
Insurance Companies Act — I-11.8 (a)
mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels )
Insurance Companies Act — I-11.8
participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution. ( action participante )
Insurance Companies Act — I-11.8
permitted entity means an entity in which a company is permitted to acquire a substantial investment under section 495. ( entité admissible )
Insurance Companies Act — I-11.8
prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire )
Insurance Companies Act — I-11.8
specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial )
Insurance Companies Act — I-11.8 491
Non-application of Part 491 This Part does not apply in respect of (a) assets of a segregated fund maintained pursuant to section 451; (b) the holding of a security interest in real property, unless the security interest is prescribed under paragraph 509(a) to be an interest in real property; or (c) the holding of a security interest in securities of an entity. 1991, c. 47, s. 491; 2001, c. 9, s. 426
Insurance Companies Act — I-11.8 492
Investment standards 492 The directors of a company shall establish and the company 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. 1991, c. 47, s. 492; 2001, c. 9, s. 426
Insurance Companies Act — I-11.8 492.1
Limit — business growth fund 492.1 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a company 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. 146
Insurance Companies Act — I-11.8 493
 the value of those ownership interests as determined by the amount paid for them at the time each was first acquired by any of those entities; and (b) the outstanding principal of all loans held by the business growth fund or the entities that the business growth fund controls. Exception: uncontrolled event (5) A company is deemed not to contravene subsection (1) if the company 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 company. Non-application of subsection (2) (5.1) No company shall, under subsection (2), acquire control of, or acquire or increase a substantial investment in, an entity referred to in paragraph 495(1)(j). Holding (5.2) If a company holds a substantial investment in an entity referred to in paragraph 495(1)(j) that it acquired or increased under subsection (2) before the coming into force of subsection (5.1), the company may continue to hold that substantial investment. Application of other provision (6) Despite having acquired control of, or a substantial investment in, an entity under a particular provision of this Part, a company 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 (7) If a company decides to exercise its right under subsection (6), the company is deemed to be acquiring the control or the substantial investment under the other provision. 1991, c. 47, s. 493; 1997, c. 15, s. 265; 2001, c. 9, s. 426; 2007, c. 6, s. 234; 2013, c. 40, s. 170; 2018, c. 27, s. 147
Insurance Companies Act — I-11.8 494
Regulations 494 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 this Part; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by a company and its prescribed subsidiaries to or in a person and any persons connected with that person; (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b); and (d) concerning specialized financing for the purposes of subsection 493(4). 1991, c. 47, s. 494; 2001, c. 9, s. 426
Insurance Companies Act — I-11.8 495
arget entity that are held by the company or a subsidiary of the company and that were acquired by the company or the subsidiary within the 12 months preceding the transaction referred to in subparagraph (i), and (iii) the shares of, or other ownership interests in, the target entity that are held by a subsidiary of the company the control of which was acquired by the company within the 12 months preceding the transaction referred to in subparagraph (i), excluding any shares or other ownership interests referred to in subparagraph (ii), B is the value of the company’s consolidated assets, as shown in its last annual statement prepared before the transaction that results in the acquisition or increase of the substantial investment in the target entity, and C is (i) 0.005, in the case of a company with equity of 12 billion dollars or more, or (ii) 0.01, in the case of any other company. No exception for deemed acquisition (9.1) The exception in paragraph (9)(d) does not apply with respect to a deemed acquisition of control under subsection 493(7). Control not required (10) A company need not control an entity referred to in paragraph (1)(j), or an entity that is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province, if the laws or customary business practices of the country under the laws of which the entity was incorporated or formed do not permit the company to control the entity. Prohibition on giving up control in fact (11) A company that, under subsection (6), controls an entity may not, without the prior written approval of the Minister, give up control, within the meaning of paragraph 3(1)(d), of the entity while it continues to control the entity. Giving up control (12) A company that, under subsection (6), controls an entity may, with the prior written approval of the Superintendent, give up control of the entity while keeping a substantial investment in the entity if (a) the company is permitted to do so by regulations made under paragraph 501(c); or (b) the entity meets the conditions referred to in subparagraph (6)(c)(iii). Subsections do not apply (13) If a company controls, within the meaning of paragraph 3(1)(a), (b) or (c), an entity, subsections (7) and (8) do not apply in respect of any subsequent increases by the company of its substantial investment in the entity so long as the company continues to control the entity. 1991, c. 47, s. 495; 1997, c. 15, s. 266; 1999, c. 28, s. 122; 2001, c. 9, s. 426; 2007, c. 6, ss. 235, 336(F); 2012, c. 5, s. 140; 2018, c. 12, s. 344; 2018, c. 27, s. 133 2026, c. 3, s. 295
Insurance Companies Act — I-11.8 496
Approval for indirect investments 496 (1) If a company obtains the approval of the Minister under subsection 495(7) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 495(7) or the Superintendent under subsection 495(8) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the company is deemed to have obtained the approval of the Minister or the Superintendent for that indirect acquisition or increase. Approval for indirect investments (2) If a company obtains the approval of the Superintendent under subsection 495(8) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase the company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Superintendent under that subsection and that indirect acquisition or increase is disclosed to the Superintendent in writing before the approval is obtained, the company is deemed to have obtained the approval of the Superintendent for that indirect acquisition or increase. 1991, c. 47, s. 496; 2001, c. 9, s. 426
Insurance Companies Act — I-11.8 497
Undertakings 497 (1) If a company controls a permitted entity, other than an entity referred to in any of paragraphs 495(1)(a) to (f), the company 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 company acquires control of an entity referred to in any of paragraphs 495(1)(g) to (j), the company 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 any of paragraphs 495(1)(g) to (j) 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 company shall not control a permitted entity, other than an entity referred to in any of paragraphs 495(1)(a) to (f), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the company 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. 497; 2001, c. 9, s. 426
Insurance Companies Act — I-11.8 498
Temporary investments in entity 498 (1) Subject to subsection (4), a company 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 company 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 company subsequently increases that substantial investment by way of a temporary investment, the company 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 company 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 company, 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 495(7) if the company had acquired the control, or acquired or increased the substantial investment, under section 495, the company 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. Indeterminate extension (5) If a company, by way of temporary investment, acquires control of, or acquires or increases a substantial investment in, an entity for which the approval of the Superintendent would have been required under subsection 495(8) if the company had acquired the control, or acquired or increased the substantial investment, under section 495, the Superintendent may, on application, permit the company to retain control of the entity or to continue to hold the substantial investment in the entity for an indeterminate period, on any terms and conditions that the Superintendent considers appropriate. 1991, c. 47, s. 498; 2001, c. 9, s. 426; 2007, c. 6, s. 236