GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 657
Making of order 657 (1) Forthwith on the coming into force of this Part, the Superintendent shall make an order approving the commencement and carrying on of business by every provincial company. Order to specify classes of insurance (2) An order approving the commencement and carrying on of business by a provincial company under subsection (1) shall specify the classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1). Conditions of order (3) An order approving the commencement and carrying on of business by a provincial company may contain such conditions or limitations that are consistent with this Act and relate to the business of the provincial company as the Superintendent deems expedient and necessary. Variations (4) In respect of the order approving the commencement and carrying on of business by a provincial company, the Superintendent may at any time, by further order, (a) specify additional classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1), (b) make the order subject to such conditions or limitations that are consistent with this Act and that relate to the business of the provincial company as the Superintendent deems expedient and necessary, or (c) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject, but before making any such further order the Superintendent shall provide the provincial company with an opportunity to make representations regarding that further order. (5) and (6) [Repealed, 1996, c. 6, s. 91] 1991, c. 47, s. 657; 1996, c. 6, s. 91
Insurance Companies Act — I-11.8 657.1
Policies and procedures — integrity or security 657.1 A provincial company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security, including foreign interference. 2023, c. 26, s. 583
Insurance Companies Act — I-11.8 658
Undertaking 658 Every provincial company for which an order has been made under section 657 shall provide the Superintendent with an undertaking in such form as may be required by the Superintendent that it will, so long as the order is not rescinded, submit to and comply with all of the provisions of this Act applicable to it in respect of the classes of insurance specified in the order and any conditions or limitations set out in the order.
Insurance Companies Act — I-11.8 659
Transitional 659 A provincial company that deposited securities with the Receiver General pursuant to section 76 or 82 of the Canadian and British Insurance Companies Act shall apply for the return of those securities within such period following the coming into force of this section as may be fixed by order of the Governor in Council.
Insurance Companies Act — I-11.8 660
Appointment of actuary, auditor and conduct review committee 660 (1) The directors of a provincial company shall (a) appoint the actuary of the provincial company forthwith after the Superintendent makes an order for the provincial company under section 657; (b) appoint the auditor of the provincial company for the purposes of this Act forthwith after the Superintendent makes an order for the provincial company under section 657; and (c) establish a conduct review committee consisting of at least three directors who are not affiliated with the company, determined in accordance with regulations made under section 170. Duties of conduct review committee (2) The conduct review committee of a provincial company shall (a) require the management of the provincial company to establish procedures for complying with Part XI; (b) review those procedures and their effectiveness in ensuring that the provincial company is complying with Part XI; (b.1) if an insurance holding company or a bank holding company that is widely held has a significant interest in any class of shares of the provincial company, establish policies for entering into transactions referred to in section 528.1; and (c) review the practices of the provincial company to ensure that any transactions with related parties of the provincial company that may have a material effect on the stability or solvency of the provincial company are identified. Provincial company report to Superintendent (3) A provincial company shall report to the Superintendent on the mandate and responsibilities of the conduct review committee and the procedures established by the committee under paragraph (2)(a). Committee report to directors (4) After each meeting of the conduct review committee of a provincial company, the committee shall report to the directors of the provincial company on all transactions and other matters reviewed by the committee. Directors’ report to Superintendent (5) Within ninety days after the end of each financial year, the directors of a provincial company shall report to the Superintendent on the proceedings of the conduct review committee and on all transactions and other matters reviewed by the committee during the year. 1991, c. 47, s. 660; 2001, c. 9, s. 450
Insurance Companies Act — I-11.8 661
Provincial company to provide information 661 (1) A provincial company shall provide the Superintendent with such information, material and evidence, at such times and in such form, as the Superintendent may require, and, without limiting the generality of the foregoing, the information, material and evidence shall include (a) copies of its incorporating instrument and the by-laws of the provincial company; and (b) copies of any of the records referred to in section 662. Names of directors and auditors (2) A provincial company shall, within thirty days after each annual meeting of the provincial company, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director holding office immediately following the meeting; (b) the mailing address of each director holding office immediately following the meeting; (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 affiliation, within the meaning of section 170, with the provincial company of each director referred to in paragraph (a); (e) the names of the directors referred to in paragraph (a) who are officers or employees of the provincial company or any affiliate of the provincial company, and the positions they occupy; (f) the name of each committee of the provincial company on which each director referred to in paragraph (a) serves; (g) the date of expiration of the term of each director referred to in paragraph (a); and (h) the name, address and date of appointment of the auditor of the provincial company. Changes (3) Where (a) any information relating to a director or auditor of a provincial company shown in the latest return made to the Superintendent under subsection (2), other than information referred to in paragraph (2)(c) or (d), becomes inaccurate or incomplete, (b) a vacancy in the position of auditor of the provincial company occurs or is filled by another person, or (c) a vacancy on the board of directors of the provincial company occurs or is filled, the provincial company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form.
Insurance Companies Act — I-11.8 662
Records 662 (1) A provincial company shall prepare and maintain adequate (a) corporate accounting records; and (b) records showing, for each customer of, or claimant under a policy issued by, the provincial company, the amount owing to the provincial company and the nature of the liabilities of the provincial company to the customer or claimant. Definition of records (2) For the purposes of subsection (1), records includes similar records required by law to be maintained by the provincial company before the coming into force of this section.
Insurance Companies Act — I-11.8 663
Definition of société 663 In the French version of this Part, société means a société , société de secours , société étrangère or société provinciale within the meaning of section 2.
Insurance Companies Act — I-11.8 664
Required information 664 A company, society, foreign company or provincial company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require.
Insurance Companies Act — I-11.8 665
Annual return — companies, societies and provincial companies 665 (1) A company, society or provincial company shall prepare annually a return of the condition and affairs of the company, society or provincial company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary. Annual return: foreign companies (2) A foreign company, in respect of its insurance business in Canada, shall prepare annually a return of the condition and affairs of the foreign company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary. (3) [Repealed, 2007, c. 6, s. 299] Accounting principles (4) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 331(4). 1991, c. 47, s. 665; 1997, c. 15, s. 322; 2007, c. 6, s. 299
Insurance Companies Act — I-11.8 667
Valuation of actuarial and other policy liabilities 667 (1) The liabilities of a company, society, foreign company or provincial company shown in its annual return must include as a reserve the value of the actuarial and other policy liabilities and other matters determined under section 365 or section 629. Report of actuary (2) The actuary of a company, society, foreign company or provincial company shall make, and the company, society, foreign company or provincial company shall file with its annual return, a report in a form determined by the Superintendent on the reserve referred to in subsection (1). Auditor’s remarks (3) The auditor of a company, society or provincial company shall attach to the annual return a report stating whether, in the auditor’s opinion, the annual return presents fairly, in accordance with accounting principles referred to in subsection 331(4), the financial position of the company, society or provincial company as at the end of the financial year to which it relates and the results of the operations and changes in the financial position of the company, society or provincial company for that financial year. Idem (4) In each report referred to in subsection (3), the auditor shall include such remarks as the auditor considers necessary when (a) the examination has not been made in accordance with the auditing standards referred to in subsection 346(2); (b) the annual return has not been prepared on a basis consistent with that of the preceding financial year; or (c) the annual return does not present fairly, in accordance with the accounting principles referred to in subsection 331(4), the financial position of the company, society or provincial company as at the end of the financial year to which it relates or the results of the operations or changes in the financial position of the company, society or provincial company for that financial year.
Insurance Companies Act — I-11.8 668
Names of directors and auditors 668 (1) A company shall, within thirty days after each annual meeting of the company, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director holding office immediately following the meeting; (b) the mailing address of each director holding office immediately following the meeting; (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 affiliation, within the meaning of section 170, with the company of each director referred to in paragraph (a); (e) the names of the directors referred to in paragraph (a) who are officers or employees of the company or any affiliate of the company, and the positions they occupy; (f) the name of each committee of the company on which each director referred to in paragraph (a) serves; (g) the date of expiration of the term of each director referred to in paragraph (a); and (h) the name, address and date of appointment of the auditor of the company. Changes (2) Where (a) any information relating to a director or auditor of a company shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c) or (d), becomes inaccurate or incomplete, (b) a vacancy in the position of auditor of the company occurs or is filled by another person, or (c) a vacancy on the board of directors of the company occurs or is filled, the company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form.
Insurance Companies Act — I-11.8 669
Copy of by-laws 669 A company shall send to the Superintendent, within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment. 1991, c. 47, s. 669; 2001, c. 9, s. 452
Insurance Companies Act — I-11.8 670
Registers 670 (1) The Superintendent shall cause a register to be maintained in respect of each company or society for which an order has been made approving the commencement and carrying on of business. Register for company (2) The register in respect of a company shall contain a copy of (a) the incorporating instrument of the company; and (b) the information referred to in paragraphs 668(1)(a), (c) and (e) to (h) contained in the latest return provided to the Superintendent by the company as required by section 668. (c) [Repealed, 2001, c. 9, s. 453] Register for society (3) The register in respect of a society shall contain a copy of (a) the incorporating instrument of the society; and (b) the information referred to in paragraphs 549(1)(a) and (c) to (f) contained in the latest return provided to the Superintendent by the society as required by subsection 549(1). (c) [Repealed, 2001, c. 9, s. 453] Form (4) The register may be maintained in (a) a bound or loose-leaf form or a photographic film form; or (b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. Access (5) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it. Evidence (6) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent. 1991, c. 47, s. 670; 1997, c. 15, s. 324; 2001, c. 9, s. 453
Insurance Companies Act — I-11.8 670.1
Certificate 670.1 On the application of a company or society that has been incorporated by a special Act of Parliament, the Superintendent may issue a certificate stating that it was incorporated by a special Act of Parliament, and may include with the certificate any information in the Superintendent’s possession that relates to the company’s or society’s incorporation. 2012, c. 5, s. 153
Insurance Companies Act — I-11.8 671
Production of information and documents 671 (1) The Superintendent may, by order, direct a person who controls a company or any entity that is affiliated with a company to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that (a) the provisions of this Act are being duly observed and that the company is in a sound financial condition; or (b) the company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Time (2) Any person to whom a direction has been issued under subsection (1) shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time. Exemption (3) Subsection (1) does not apply in respect of an entity that controls a company or is affiliated with a company where that entity is a financial institution regulated (a) by or under an Act of Parliament; or (b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on such financial institutions. 1991, c. 47, s. 671 2023, c. 26, s. 584 2026, c. 3, s. 317
Insurance Companies Act — I-11.8 672
Confidential information 672 (1) Subject to section 673, all information regarding the business or affairs of a company, society, foreign company or provincial company, or regarding a person dealing with any of them, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.001) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security, (a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1), for purposes related to its operation, and (b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. 1991, c. 47, s. 672; 1996, c. 6, s. 92; 1997, c. 15, s. 325; 2001, c. 9, s. 454 2026, c. 3, s. 318
Insurance Companies Act — I-11.8 672.1
Regulations 672.1 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by companies, societies, foreign companies or provincial companies of prescribed supervisory information. 1999, c. 28, s. 126
Insurance Companies Act — I-11.8 672.2
Evidentiary privilege 672.2 (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any prescribed supervisory information. Exceptions to subsection (1) (3) Despite subsection (1), (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and (b) a company, a society, a foreign company or a provincial company may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the company, the society, the foreign company, the provincial company, the Minister, the Superintendent or the Attorney General of Canada. Exceptions to subsections (1) and (2) (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act , a court, tribunal or other body may, by order, require the Minister, the Superintendent, a company, a society, a foreign company or a provincial company to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada, the company, the society, the foreign company or the provincial company. No waiver (5) The disclosure of any prescribed supervisory information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1). Regulations (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence. 2015, c. 36, s. 236
Insurance Companies Act — I-11.8 672.3
No waiver 672.3 (1) For greater certainty, the disclosure by a company, society, foreign company or provincial company — or by a person who controls one or by an entity that is affiliated with one — to the Superintendent of any information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of advocates and notaries or to litigation privilege does not constitute a waiver of any of those privileges or that secrecy. No disclosure (2) The Superintendent shall not disclose any information referred to in subsection (1) to any person whose powers, duties or functions include (a) the investigation or prosecution of an offence under any Act of Parliament or of the legislature of a province; or (b) the investigation of, or conduct of proceedings in respect of, a violation under an Act referred to in paragraph (a). 2018, c. 27, s. 172
Insurance Companies Act — I-11.8 673
Disclosure by Superintendent 673 (1) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a company, society, foreign company or provincial company and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of companies, societies, foreign companies or provincial companies; or (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of companies, societies, foreign companies or provincial companies. Prior consultation required (2) The Minister shall consult with the Superintendent before making any determination under subsection (1). 1991, c. 47, s. 673; 1994, c. 26, s. 45; 1996, c. 6, s. 93