GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 406.1
Definitions 406.1 The following definitions apply in this Part. agent means (a) in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights, and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Her Majesty in either of those rights but does not include (i) an official or entity performing a function or duty in connection with the administration or management of the estate or property of a natural person, (ii) an official or entity performing a function or duty in connection with the administration, management or investment of a fund established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons, or moneys derived from such a fund, or (iii) the trustee of any trust for the administration of a fund to which Her Majesty in either of those rights contributes and of which an official or entity that is an agent of Her Majesty in either of those rights is a trustee; and (b) in relation to the government of a foreign country or any political subdivision thereof, a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate or property of a natural person. ( mandataire ) eligible agent means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country (a) whose mandate is publicly available; (b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is (i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or (ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and (c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision. ( mandataire admissible ) 1994, c. 47, s. 122; 2012, c. 19, s. 340
Insurance Companies Act — I-11.8 (a)
agent means (a) in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights, and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Her Majesty in either of those rights but does not include (i) an official or entity performing a function or duty in connection with the administration or management of the estate or property of a natural person, (ii) an official or entity performing a function or duty in connection with the administration, management or investment of a fund established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons, or moneys derived from such a fund, or (iii) the trustee of any trust for the administration of a fund to which Her Majesty in either of those rights contributes and of which an official or entity that is an agent of Her Majesty in either of those rights is a trustee; and (b) in relation to the government of a foreign country or any political subdivision thereof, a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate or property of a natural person. ( mandataire )
Insurance Companies Act — I-11.8 (a)
eligible agent means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country (a) whose mandate is publicly available; (b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is (i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or (ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and (c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision. ( mandataire admissible )
Insurance Companies Act — I-11.8 406.2
Associates 406.2 (1) For the purpose of determining ownership of a company by an eligible agent, where two persons, at least one of whom is an eligible agent, are associated with each other, those persons are deemed to be a single eligible agent who beneficially owns the aggregate number of shares of the company beneficially owned by them. Associates (2) For the purposes of subsection (1), a person is associated with another person if (a) each person is an agent or agency of Her Majesty in right of Canada; (b) each person is an agent or agency of Her Majesty in right of the same province; (c) each person is an agent or agency of a government of the same foreign country or a political subdivision of the same foreign country; (d) one person is Her Majesty in right of Canada and the other person is an agent or agency of Her Majesty in that right; (e) one person is Her Majesty in right of a province and the other person is an agent or agency of Her Majesty in right of that province; or (f) one person is a government of a foreign country or any political subdivision of a foreign country and the other person is its agent or agency. 2012, c. 19, s. 340
Insurance Companies Act — I-11.8 407
erted company. Limitation on share holdings (15) Despite subsection (1), no person may have a significant interest in any class of shares of a company to which subsection (12) applies. Exception (16) Subsection (15) does not apply to an insurance holding company that controls, within the meaning of paragraph 3(1)(d), a company to which subsection (12) applies if (a) no person has a significant interest in any class of shares of the insurance holding company; and (b) the insurance holding company acquired control, within the meaning of that paragraph, under section 714 or 715 of the company to which subsection (12) applies and the insurance holding company has continued to control, within the meaning of that paragraph, the company since the day the insurance holding company acquired control. Deeming (17) For the purposes of this Act, if the Minister makes an order under subsection (8) to the effect that subsection (4) no longer applies in respect of a particular company, (a) the particular company is deemed, as of the effective date of the order, to no longer be a company in respect of which subsection (4) applies; (b) a widely held company that controls, within the meaning of paragraph 3(1)(d), the particular company in the circumstances referred to in subsection (5) is deemed, as of the effective date of the order, to no longer be a company to which subsection (5) applies; and (c) a widely held insurance holding company that controls, within the meaning of paragraph 3(1)(d), the particular company in the circumstances referred to in subsection (6) is deemed, as of the effective date of the order, to no longer be an insurance holding company to which subsection (6) applies. Deeming (18) For the purposes of this Act, after the day that is two years after December 31, 1999, (a) a converted company having an aggregate of surplus and minority interests in an amount that is one billion dollars or more but less than five billion dollars, according to its last annual statement dated before the effective date of the letters patent of conversion of the converted company is deemed to no longer be a company in respect of which subsection (11) applies; (b) a company that controls, within the meaning of paragraph 3(1)(d), a converted company referred to in paragraph (a) in the circumstances referred to in subsection (12) is deemed to no longer be a company to which subsection (12) applies; and (c) an insurance holding company that controls, within the meaning of paragraph 3(1)(d), a converted company referred to in paragraph (a) in the circumstances referred to in subsection (13) is deemed to no longer be an insurance holding company to which subsection (13) applies. 1991, c. 47, s. 407; 1993, c. 34, s. 79; 1997, c. 15, s. 241; 1999, c. 1, s. 7; 2001, c. 9, s. 401; 2007, c. 6, s. 215
Insurance Companies Act — I-11.8 407.01
Life companies — major shareholder 407.01 (1) If a converted company in respect of which subsection 407(4) applies or a company to which subsection 407(5) 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 converted company or company, as the case may be, must 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 converted company or the 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 converted company or the company, as the case may be, or any entity that the converted company or the 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 converted company or the 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. 402
Insurance Companies Act — I-11.8 407.011
Life companies — major shareholder 407.011 (1) Despite subsection 407.01(1), if a converted company in respect of which subsection 407(4) applies or a company to which subsection 407(5) applies controls a life company in respect of which subsection 407.01(1) does not apply by reason of subsection 407.01(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 converted company or company must do all things necessary to ensure that, on the day that is three years after that day, (a) the converted company or 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 converted company or the company or any entity that the converted company or company controls. Extension (2) If general market conditions so warrant and the Minister is satisfied that the converted company or the 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. 402
Insurance Companies Act — I-11.8 407.02
Life companies — significant interest 407.02 (1) If a converted company in respect of which subsection 407(11) applies or a company to which subsection 407(12) 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 converted company or company, as the case may be, must 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 converted company or the 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 converted company or the company, as the case may be, or any entity that the converted company or the 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 converted company or the 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. 402
Insurance Companies Act — I-11.8 407.03
Prohibition against significant interest 407.03 (1) No person who has a significant interest in any class of shares of a widely held converted company in respect of which subsection 407(4) applies or of a widely held company to which subsection 407(5) applies may have a significant interest in any class of shares of a subsidiary of the converted company or company, as the case may be, that is a life company or an insurance holding company. Prohibition against significant interest (2) No person who has a significant interest in any class of shares of a life 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 life company; (b) a widely held company to which subsection 407(5) applies that controls the life company; or (c) a widely held insurance holding company to which subsection 407(6) applies that controls the life company. 2001, c. 9, s. 402
Insurance Companies Act — I-11.8 407.1
No acquisition of control without approval 407.1 (1) No person shall acquire control, within the meaning of paragraph 3(1)(d), of a 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), a company, the entity is deemed to be acquiring control, within the meaning of that paragraph, of the company through an acquisition for which the approval of the Minister is required under subsection (1). 1997, c. 15, s. 242; 2007, c. 6, s. 216
Insurance Companies Act — I-11.8 407.2
nd 407(15), if the company referred to in subsection (1) is a company to which subsection 407(12) applies, an insurance holding company to which subsection 407(13) applies may have a significant interest in a class of shares of the company and cease to control, within the meaning of paragraph 3(1)(d), the company if the insurance holding company has entered into an agreement with the Minister to do all things necessary to ensure that it does not have a significant interest in any class of shares of the company on the expiration of the day specified in the agreement. Extension (7) If general market conditions so warrant and the Minister is satisfied that the company or the insurance holding company, as the case may be, has used its best efforts to be in compliance with subsection (6) or (6.1) 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. 403
Insurance Companies Act — I-11.8 408
Constraining registration 408 No 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 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 company; or (b) where the person has a significant interest in a class of shares of the company, the transfer or issue of the share would increase the significant interest of the person in that class of shares of the company. (2) and (3) [Repealed, 1997, c. 15, s. 243] 1991, c. 47, s. 408; 1997, c. 15, s. 243
Insurance Companies Act — I-11.8 408.1
Exception — small holdings 408.1 Despite section 408, if, as a result of a transfer or issue of shares of a class of shares of a company to a person, other than an eligible agent, the total number of shares of that class registered in the securities register of the 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 company is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the company as a result of that issue or transfer of shares. 1994, c. 47, s. 123; 2012, c. 31, s. 132
Insurance Companies Act — I-11.8 409
e person do not exceed 50 per cent of the voting rights attached to all of the outstanding voting shares of the 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 company; (c) result in the acquisition of a significant interest in a class of shares of the 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 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 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 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. 1991, c. 47, s. 409; 1997, c. 15, s. 244; 2001, c. 9, s. 404; 2012, c. 31, s. 133
Insurance Companies Act — I-11.8 410
When approval not required 410 (1) Despite subsections 407(1) and (2) and section 408, the approval of the Minister is not required if (a) the Superintendent has, by order, directed the company to increase its capital and shares of the 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 company acquires additional shares of the company. Exception (1.1) Paragraph (1)(a) does not apply in respect of a converted company in respect of which subsection 407(4) or (11) applies or a company to which subsection 407(5) or (12) applies. Pre-approval (2) For the purposes of subsections 407(1) and (2) and section 408, the Minister may approve (a) the purchase or other acquisition of such number or percentage of shares of a 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 a company within a specified period. 1991, c. 47, s. 410; 2001, c. 9, s. 405; 2012, c. 31, s. 134
Insurance Companies Act — I-11.8 411
Public holding requirement 411 (1) Every company shall, from and after the day determined under this section in respect of that company, have, and continue to have, voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the company and that are (a) shares of one or more classes of shares that are listed and posted for trading on a recognized stock exchange in Canada; and (b) shares none of which is beneficially owned by a person who is a major shareholder of the company in respect of the voting shares of the company or by any entity that is controlled by a person who is a major shareholder of the company in respect of such shares. Determination of day (2) If the company has equity of four billion dollars or more on the day it comes into existence, the day referred to in subsection (1) is the day that is three years after that day and, in the case of any other company, the day referred to in subsection (1) is the day that is three years after the day of the first annual meeting of the shareholders and policyholders of the company held after the equity of the company first reaches four billion dollars. Extension (3) If general market conditions so warrant and the Minister is satisfied that a company has used its best efforts to be in compliance with this section on the day determined under subsection (2), the Minister may specify a later day as the day from and after which the company must comply with subsection (1). 1991, c. 47, s. 411; 2001, c. 9, s. 406; 2007, c. 6, s. 335 2026, c. 3, s. 295
Insurance Companies Act — I-11.8 412
Limit on assets 412 (1) Unless an exemption order with respect to the company is granted under section 414, if a company fails to comply with section 411 in any month, the Minister may, by order, require the company not to have, until it complies with that section, average total assets in any three month period ending on the last day of a subsequent month exceeding the company’s average total assets in the three month period ending on the last day of the month immediately before the month specified in the order. Average total assets (2) For the purposes of subsection (1), the average total assets of a company in a three month period shall be computed by adding the total assets of the company as calculated for the month end of each of the three months in the period and by dividing the sum by three. 1991, c. 47, s. 412; 2001, c. 9, s. 407
Insurance Companies Act — I-11.8 413
Increase of capital 413 (1) Where the Superintendent has, by order, directed a company to increase its capital and shares of the company are issued and acquired in accordance with such terms and conditions as may be specified in the order, section 411 shall not apply in respect of the company until such time as the Superintendent may, by order, specify. (2) [Repealed, 1997, c. 15, s. 245] 1991, c. 47, s. 413; 1997, c. 15, s. 245
Insurance Companies Act — I-11.8 414
Exemption by Minister 414 (1) On application by a company and subject to any terms and conditions that the Minister considers appropriate, the Minister may by order exempt the company from the requirements of section 411 if the Minister considers it appropriate to do so. Compliance with section 411 (2) The company shall comply with section 411 as of the day on which the exemption order expires. Limit on assets (3) If a company fails to comply with section 411 on the day referred to in subsection (2), it shall not, until it complies with that section, have average total assets in any three month period ending on the last day of a subsequent month exceeding its average total assets in the three month period ending on the last day of the month immediately preceding the day referred to in subsection (2) or on any later day that the Minister may specify by order. Application of s. 412(2) (4) Subsection 412(2) applies for the purposes of subsection (3). 1991, c. 47, ss. 414, 758; 2001, c. 9, s. 408; 2005, c. 54, s. 294