GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 914
Status of shareholder approval 914 (1) An application made or an action brought or intervened in under this Subdivision need not be stayed or dismissed by reason only that it is shown that an alleged breach of a right or duty owed to the insurance holding company or its subsidiary has been or might be approved by the shareholders of the insurance holding company or subsidiary or both, but evidence of approval by the shareholders may be taken into account by the court in making an order under section 913. Court approval to discontinue (2) An application made or an action brought or intervened in under this Subdivision shall not be stayed, discontinued, settled or dismissed for want of prosecution without the approval of the court given on such terms as the court thinks fit and, if the court determines that the interests of any complainant might be substantially affected by any stay, discontinuance, settlement or dismissal, the court may order any party to the application or action to give notice to the complainant. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 915
No security for costs 915 (1) A complainant is not required to give security for costs in any application made or any action brought or intervened in under subsection 912(1) or section 916. Interim costs (2) In an application made or an action brought or intervened in under this Subdivision, the court may at any time order the insurance holding company or its subsidiary to pay to the complainant interim costs, including legal fees and disbursements, but the complainant may be held accountable by the court for those interim costs on final disposition of the application or action. 2001, c. 9, s. 465; 2005, c. 54, s. 358(F)
Insurance Companies Act — I-11.8 916
Application to rectify records 916 (1) If the name of a person is alleged to be or to have been wrongly entered or retained in, or wrongly deleted or omitted from, the securities register or any other record of an insurance holding company, the insurance holding company, a security holder of the insurance holding company or any aggrieved person may apply to a court for an order that the securities register or record be rectified. Notice to Superintendent (2) An applicant under this section shall give the Superintendent notice of the application and the Superintendent may appear and be heard in person or by counsel at the hearing of the application. Powers of court (3) In connection with an application under this section, the court may make any order it thinks fit including, without limiting the generality of the foregoing, (a) an order requiring the securities register or other record of the insurance holding company to be rectified; (b) an order restraining an insurance holding company from calling or holding a meeting of shareholders or paying a dividend to shareholders before the rectification; (c) an order determining the right of a party to the proceedings to have the party’s name entered or retained in, or deleted or omitted from, the securities register or records of the insurance holding company, whether the issue arises between two or more security holders or alleged security holders, or between the insurance holding company and any security holder or alleged security holder; and (d) an order compensating a party who has incurred a loss. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 917
Definition of court 917 In this Subdivision, court means a court having jurisdiction in the place where the insurance holding company has its head office. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 918
Application of Subdivision 918 (1) This Subdivision does not apply to an insurance holding company that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act . Staying proceedings on insolvency (2) Any proceedings taken under this Subdivision to dissolve or to liquidate and dissolve an insurance holding company shall be stayed if the insurance holding company is at any time found in a proceeding under the Bankruptcy and Insolvency Act to be an insolvent person as defined in subsection 2(1) of that Act. Winding-up and Restructuring Act does not apply (3) The Winding-up and Restructuring Act does not apply to an insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 919
Returns to Superintendent 919 A liquidator appointed under this Subdivision to wind up the business of an insurance holding company shall provide the Superintendent with such information relating to the business and affairs of the insurance holding company in such form as the Superintendent requires. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 920
No property and no liabilities 920 (1) An insurance holding company that has no property and no liabilities may, if authorized by a special resolution of the shareholders or, if there are no shareholders, by a resolution of all the directors, apply to the Minister for letters patent dissolving the insurance holding company. Dissolution by letters patent (2) Where the Minister has received an application under subsection (1) and is satisfied that all the circumstances so warrant, the Minister may issue letters patent dissolving the insurance holding company. Effect of letters patent (3) An insurance holding company in respect of which letters patent are issued under subsection (2) ceases to exist on the day stated in the letters patent. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 921
Proposing liquidation 921 (1) The voluntary liquidation and dissolution of an insurance holding company, other than an insurance holding company referred to in subsection 920(1), (a) may be proposed by its directors; or (b) may be initiated by way of a proposal made by a shareholder who is entitled to vote at an annual meeting of shareholders in accordance with sections 770 and 771. Terms must be set out (2) A notice of any meeting of shareholders at which the voluntary liquidation and dissolution of an insurance holding company is to be proposed shall set out the terms of the proposal. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 922
Shareholders’ resolution 922 Where the voluntary liquidation and dissolution of an insurance holding company is proposed, the insurance holding company may apply to the Minister for letters patent dissolving the insurance holding company if authorized by a special resolution of the shareholders or, where the insurance holding company has issued more than one class of shares, by special resolution of each class of shareholders whether or not those shareholders are otherwise entitled to vote. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 923
Approval of Minister required 923 (1) No action directed toward the voluntary liquidation and dissolution of an insurance holding company shall be taken by an insurance holding company, other than as provided in sections 921 and 922, until an application made by the insurance holding company pursuant to section 922 has been approved by the Minister. Conditional approval (2) Where the Minister is satisfied on the basis of an application made under section 922 that the circumstances warrant the voluntary liquidation and dissolution of an insurance holding company, the Minister may, by order, approve the application. Effect of approval (3) Where the Minister has approved an application made pursuant to section 922 with respect to an insurance holding company, the insurance holding company shall not carry on business except to the extent necessary to complete its voluntary liquidation. Liquidation process (4) Where the Minister has approved an application made pursuant to section 922 with respect to an insurance holding company, the insurance holding company shall (a) cause notice of the approval to be sent to each known claimant against and creditor of the insurance holding company; (b) publish notice of the approval once a week for four consecutive weeks 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 insurance holding company transacted any business within the preceding twelve months; (c) proceed to collect its property, dispose of property that is not to be distributed in kind to its shareholders, discharge or provide for all its obligations and do all other acts required to liquidate its business; and (d) after giving the notice required under paragraphs (a) and (b) and adequately providing for the payment or discharge of all its obligations, distribute its remaining property, either in money or in kind, among its shareholders according to their respective rights. 2001, c. 9, s. 465; 2012, c. 5, s. 155
Insurance Companies Act — I-11.8 924
Dissolution instrument 924 (1) Unless a court has made an order in accordance with subsection 385(1), the Minister may, if satisfied that the insurance holding company has complied with subsection 923(4) and that all the circumstances so warrant, issue letters patent dissolving the insurance holding company. Insurance holding company dissolved (2) An insurance holding company in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the day stated in the letters patent. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 925
Sections 385 to 406 apply 925 Sections 385 to 406 apply in respect of insurance holding companies, subject to the following: (a) references to “company” in those sections are to be read as references to “insurance holding company”; (b) references to “this Part” in those sections are to be read as references to “this Division”; (c) references to “this Division” in those sections are to be read as references to “this Subdivision”; (d) those sections are to be read without reference to “policyholder”; (e) the reference to “subsection 331(1)” in paragraph 391(1)(i) is to be read as a reference to “subsection 887(1)”; and (f) the reference to “section 668” in subsection 400(2) is to be read as a reference to “section 994”. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 926
Sections 406.1 and 406.2 apply 926 Sections 406.1 and 406.2 apply in respect of insurance holding companies, except that references to “company” in section 406.2 are to be read as references to “insurance holding company”. 2001, c. 9, s. 465; 2012, c. 19, s. 345, c. 31, s. 142(E)
Insurance Companies Act — I-11.8 927
Constraining acquisition 927 (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of an insurance holding company or purchase or otherwise acquire control of any entity that holds any share of an insurance holding company if (a) the acquisition would cause the person to have a significant interest in any class of shares of the insurance holding company; or (b) where the person has a significant interest in a class of shares of the insurance holding company, the acquisition would increase the significant interest of the person in that class of shares. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares of an insurance holding company, the entity is deemed to be acquiring a significant interest in that class of shares of the insurance holding company through an acquisition for which the approval of the Minister is required under subsection (1). Exemption (3) On application by an insurance holding company, other than an insurance holding company in respect of which subsection (4) or (6) applies, the Superintendent may exempt from the application of subsection (1) and section 934 any class of non-voting shares of the insurance holding company if the aggregate book value of the shares of the class is not more than 30 per cent of the aggregate book value of all the outstanding shares of the insurance holding company. Limitations on share holdings (4) Despite subsection (1), no person may be a major shareholder of an insurance holding company to which subsection 407(6) applies. Exception (5) Subsection (4) no longer applies in respect of any particular insurance holding company if the Minister makes an order under subsection 407(8) determining that subsection 407(4) no longer applies in respect of a converted company controlled by the insurance holding company. Limitations on share holdings (6) Despite subsection (1), until a day that is two years after December 31, 1999, no person may have a significant interest in any class of shares of an insurance holding company to which subsection 407(13) applies. 2001, c. 9, s. 465; 2007, c. 6, s. 323
Insurance Companies Act — I-11.8 928
Major shareholder 928 (1) If an insurance holding company in respect of which subsection 927(4) applies controls a life company and a person becomes a major shareholder of the life company or of any entity that also controls the life company, the insurance holding company must to do all things necessary to ensure that, on the day that is one year after the person became a major shareholder of the life company or entity that controls the life company, (a) the insurance holding company no longer controls the life company; or (b) the life company or the entity that controls the life company does not have any major shareholder other than the insurance holding company or any entity that the insurance holding company controls. Exemption (2) Subsection (1) does not apply in respect of a life company with equity of less than two hundred and fifty million dollars, or any other amount that may be prescribed. Extension (3) If general market conditions so warrant and the Minister is satisfied that the insurance holding company has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 928.1
Major shareholder 928.1 (1) Despite subsection 928(1), if an insurance holding company in respect of which subsection 927(4) applies controls a life company in respect of which subsection 928(1) does not apply by reason of subsection 928(2) and the equity of the life company reaches two hundred and fifty million dollars or more or any other amount that is prescribed and on the day the equity of the life company reaches two hundred and fifty million dollars or more, or the prescribed amount, as the case may be, a person is a major shareholder of the life company or of any entity that also controls the life company, the insurance holding company must do all things necessary to ensure that, on the day that is three years after that day, (a) the insurance holding company no longer controls the life company; or (b) the life company or the entity that controls the life company does not have any major shareholder other than the insurance holding company or any entity that the insurance holding company controls. Extension (2) If general market conditions so warrant and the Minister is satisfied that the insurance holding company has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 929
Significant interest 929 (1) If an insurance holding company in respect of which subsection 927(6) applies controls a life company and a person acquires a significant interest in any class of shares of the life company or of any entity that also controls the life company, the insurance holding company must to do all things necessary to ensure that, on the day that is one year after the person acquired the significant interest in the class of shares of the life company or entity that controls the life company, (a) the insurance holding company no longer controls the life company; or (b) no person has a significant interest in any class of shares of the life company or the entity that controls the life company, other than the insurance holding company or any entity that the insurance holding company controls. Exemption (2) Subsection (1) does not apply in respect of a life company with equity of less than two hundred and fifty million dollars, or any other amount that may be prescribed. Extension (3) If general market conditions so warrant and the Minister is satisfied that the insurance holding company has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 930
Prohibition against significant interest 930 No person who has a significant interest in any class of shares of a widely held insurance holding company in respect of which subsection 927(4) applies may have a significant interest in any class of shares of a subsidiary of the insurance holding company that is a life company or an insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 931
Prohibition against significant interest 931 No person who has a significant interest in any class of shares of an insurance holding company may have a significant interest in any class of shares of (a) a widely held converted company in respect of which subsection 407(4) applies that controls the insurance holding company; (b) a widely held company to which subsection 407(5) applies that controls the insurance holding company; or (c) a widely held insurance holding company in respect of which subsection 407(6) applies that controls the insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 932
No acquisition of control without approval 932 (1) No person shall acquire control, within the meaning of paragraph 3(1)(d), of an insurance holding company without the approval of the Minister. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would control, within the meaning of paragraph 3(1)(d), an insurance holding company, the entity is deemed to be acquiring control, within the meaning of that paragraph, of the insurance holding company through an acquisition for which the approval of the Minister is required under subsection (1). 2001, c. 9, s. 465; 2007, c. 6, s. 324
Insurance Companies Act — I-11.8 933
Prohibition against control 933 Despite section 932, no person shall control, within the meaning of paragraph 3(1)(d), an insurance holding company in respect of which subsection 927(4) or (6) applies. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 934
Constraining registration 934 No insurance holding company shall, unless the acquisition of the share has been approved by the Minister, record in its securities register a transfer or issue of any share of the insurance holding company to any person or to any entity controlled by a person if (a) the transfer or issue of the share would cause the person to have a significant interest in any class of shares of the insurance holding company; or (b) where the person has a significant interest in a class of shares of the insurance holding company, the transfer or issue of the share would increase the significant interest of the person in that class of shares of the insurance holding company. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 935
Exception — small holdings 935 Despite section 934, if, as a result of a transfer or issue of shares of a class of shares of an insurance holding company to a person, other than an eligible agent, the total number of shares of that class registered in the securities register of the insurance holding company in the name of that person would not exceed 5,000 and would not exceed 0.1% of the outstanding shares of that class, the insurance holding company is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the insurance holding company as a result of that issue or transfer of shares. 2001, c. 9, s. 465; 2012, c. 31, s. 143
Insurance Companies Act — I-11.8 936
e person controls the insurance holding company but the voting rights attached to the aggregate of any voting shares of the insurance holding company beneficially owned by the person and by entities controlled by the person do not exceed 50 per cent of the voting rights attached to all of the outstanding voting shares of the insurance holding company, cause the voting rights attached to that aggregate to exceed 50 per cent of the voting rights attached to all of the outstanding voting shares of the insurance holding company; (c) result in the acquisition of a significant interest in a class of shares of the insurance holding company by an entity controlled by the person and the acquisition of that investment is not exempted by the regulations; or (d) result in an increase in a significant interest in a class of shares of the insurance holding company by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever is applicable, and the increase is not exempted by the regulations. Regulations (5) The Governor in Council may make regulations (a) exempting from the application of paragraph (4)(c) the acquisition of a significant interest in a class of shares of the insurance holding company by an entity controlled by the person; and (b) exempting from the application of paragraph (4)(d) an increase in a significant interest in a class of shares of the insurance holding company by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies. 2001, c. 9, s. 465; 2012, c. 31, s. 144
Insurance Companies Act — I-11.8 937
When approval not required 937 (1) Despite subsections 927(1) and (2) and section 934, the approval of the Minister is not required if (a) the Superintendent has, by order, directed the insurance holding company to increase its capital and shares of the insurance holding company are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or (b) a person, other than an eligible agent, who controls, within the meaning of paragraph 3(1)(a), the insurance holding company acquires additional shares of the insurance holding company. Exception (2) Paragraph (1)(a) does not apply in respect of an insurance holding company in respect of which subsection 927(4) or (6) applies. Pre-approval (3) For the purposes of subsections 927(1) and (2) and section 934, the Minister may approve (a) the purchase or other acquisition of such number or percentage of shares of an insurance holding company as may be required in a particular transaction or series of transactions; or (b) the purchase or other acquisition of up to a specified number or percentage of shares of an insurance holding company within a specified period. 2001, c. 9, s. 465; 2012, c. 31, s. 145