GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 623
Appointment of actuary 623 (1) A foreign company that is required by this Act to provide the Superintendent with the report of an actuary shall without delay appoint a person to be the actuary of the foreign company for its insurance business in Canada. Notice of appointment (2) A foreign company shall, forthwith after the appointment of an actuary of the foreign company, notify the Superintendent in writing of the appointment. 1991, c. 47, s. 623; 1997, c. 15, s. 317
Insurance Companies Act — I-11.8 624.1
Chief agent 624.1 (1) The chief agent of a foreign company may not be appointed as or hold the position of actuary of the foreign company unless authorized in writing by the Superintendent. Duration of authorization (2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day. 1996, c. 6, s. 88.1
Insurance Companies Act — I-11.8 625
Revocation of appointment 625 (1) A foreign company may revoke the appointment of the actuary of the foreign company. Notice of revocation (2) A foreign company shall, forthwith after the revocation of the appointment of the actuary of the foreign company, notify the Superintendent in writing of the revocation.
Insurance Companies Act — I-11.8 626
Ceasing to hold office 626 (1) A person ceases to hold office as the actuary of a foreign company when (a) the person resigns as actuary of the foreign company; (b) the person ceases to be an actuary; (c) the person dies; or (d) the appointment of the person as actuary of the foreign company is revoked by the foreign company. Effective date of resignation (2) The resignation of an actuary of a foreign company becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later. Filling vacancy (3) Where a vacancy occurs in the office of actuary of a foreign company, the foreign company shall forthwith notify the Superintendent in writing of the vacancy and fill the vacancy. 1991, c. 47, s. 626; 1997, c. 15, s. 319
Insurance Companies Act — I-11.8 627
Statement of actuary 627 (1) An actuary of a foreign company who resigns or whose appointment is revoked shall submit to the chief agent of the foreign company and the Superintendent a written statement of the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the actuary’s appointment was revoked. Duty of replacement actuary (2) Where an actuary of a foreign company resigns or the appointment of an actuary of a foreign company is revoked, no person shall accept an appointment or consent to be appointed as actuary of the foreign company before requesting and receiving from the other actuary the written statement referred to in subsection (1). Exception (3) A person may accept an appointment or consent to be appointed as actuary of a company if no reply is received from the other actuary within fifteen days after a request under subsection (2) is made. Effect of non-compliance (4) Unless subsection (3) applies, an appointment as actuary of a company is void if subsection (2) is not complied with.
Insurance Companies Act — I-11.8 628
Right to information 628 (1) On the request of the actuary of a foreign company, the present or former directors, chief agents, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so, (a) permit access to such records held by the foreign company, and (b) provide such information and explanations as are, in the opinion of the actuary, necessary to enable the actuary to perform the duties of actuary of the foreign company. No civil liability (2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.
Insurance Companies Act — I-11.8 629
Actuary’s valuation 629 (1) The actuary of a foreign company shall value (a) the actuarial and other policy liabilities of the foreign company with respect to its insurance business in Canada as at the end of a financial year; and (b) any other matters specified in any direction that may be made by the Superintendent. Actuarial practices (2) An actuary’s valuation shall be in accordance with generally accepted actuarial practice with such changes as may be determined by the Superintendent and any additional directions that may be made by the Superintendent.
Insurance Companies Act — I-11.8 629.1
Superintendent may appoint actuary 629.1 (1) The Superintendent may appoint an actuary to value the matters referred to in paragraph 629(1)(a) or (b) in relation to a foreign company if the Superintendent is of the opinion that the appointment is necessary. That actuary may not be an actuary of the foreign company. Expenses payable by foreign company (2) The expenses incurred in carrying out a valuation under subsection (1) are payable by the foreign company on being approved in writing by the Superintendent. 1996, c. 6, s. 89; 1997, c. 15, s. 320
Insurance Companies Act — I-11.8 630
Report to chief agent 630 The actuary of a foreign company shall meet with the chief agent of the foreign company at least once during each financial year in order to report, in accordance with generally accepted actuarial practice, on the financial position of the insurance business in Canada of the foreign company, and, where a direction that may be made by the Superintendent so specifies, the expected future financial condition of the foreign company as it affects its insurance business in Canada. 1991, c. 47, s. 630; 1997, c. 15, s. 321
Insurance Companies Act — I-11.8 631
Report to chief agent 631 (1) The actuary of a foreign company shall report in writing to the chief agent of the foreign company any matters that have come to the actuary’s attention in the course of carrying out the duties of the actuary and that in the actuary’s opinion have material adverse effects on the financial condition of the foreign company with respect to its insurance business in Canada and require rectification. Transmission of report (2) An actuary of a foreign company who makes a report under subsection (1) shall forthwith provide a copy of it to the directors of the foreign company and to any person designated by them as responsible for the insurance business in Canada of the foreign company. Failure to take action (3) Where, in the opinion of the actuary of the foreign company, suitable action is not taken to rectify the matters referred to in subsection (1), the actuary shall forthwith provide a copy of the report to the Superintendent and advise the chief agent of the foreign company that the actuary has done so.
Insurance Companies Act — I-11.8 632
Qualified privilege for statements 632 (1) Any oral or written statement or report made under this Act by the actuary or former actuary of a foreign company has qualified privilege. No civil liability (2) The actuary or a former actuary of a foreign company who in good faith makes an oral or written statement under subsection 627(1) or section 631 shall not be liable in any civil action seeking indemnification for damages attributable to the actuary or former actuary having made the statement or report.
Insurance Companies Act — I-11.8 632.1
Definitions 632.1 In sections 634 to 643, the expressions firm of accountants and member have the meanings assigned to those expressions by section 336. 2007, c. 6, s. 294
Insurance Companies Act — I-11.8 633
Appointment of auditor 633 (1) A foreign company shall appoint an auditor for its insurance business in Canada. Notice of appointment (2) A foreign company shall, forthwith after the appointment of the auditor of the foreign company, notify the Superintendent in writing of the appointment.
Insurance Companies Act — I-11.8 635
Duty to resign 635 (1) An auditor who ceases to be qualified under section 634 shall resign forthwith after the auditor, where the auditor is a natural person, or any member of the firm of accountants, where the auditor is a firm of accountants, becomes aware that the auditor or the firm has ceased to be so qualified. Disqualification order (2) Any interested person may apply to a court for an order declaring that an auditor of a foreign company has ceased to be qualified under section 634 and declaring the office of auditor to be vacant.
Insurance Companies Act — I-11.8 636
Revocation of appointment 636 (1) A foreign company may revoke the appointment of an auditor of the foreign company. Idem (2) The Superintendent may at any time revoke the appointment of an auditor made under subsection (3) or section 633 or 638 by notice in writing signed by the Superintendent and sent by registered mail to the auditor and to the chief agent of the foreign company addressed to the usual place of business of the auditor and the chief agent. Filling vacancy (3) A vacancy created by the revocation of the appointment of an auditor under subsection (1) shall be filled by the foreign company under section 638.
Insurance Companies Act — I-11.8 637
Ceasing to hold office 637 (1) An auditor of a foreign company ceases to hold office when (a) the auditor resigns; (b) the auditor, where the auditor is a natural person, dies; or (c) the appointment of the auditor is revoked by the foreign company or the Superintendent. Effective date of resignation (2) The resignation of an auditor becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later.
Insurance Companies Act — I-11.8 638
Filling vacancy 638 (1) Where a vacancy occurs in the office of auditor of a foreign company, the foreign company shall forthwith fill the vacancy. Where Superintendent may fill vacancy (2) Where the foreign company fails to fill a vacancy in accordance with subsection (1), the Superintendent may fill the vacancy. Designation of member of firm (3) Where the Superintendent has, pursuant to subsection (2), appointed a firm of accountants to fill a vacancy, the Superintendent shall designate the member of the firm who is to conduct the audit on behalf of the firm.
Insurance Companies Act — I-11.8 639
Statement of auditor 639 An auditor of a foreign company who (a) resigns, or (b) receives a notice or otherwise learns that another person is to be appointed in the auditor’s stead, whether because of the auditor’s resignation or revocation of appointment, shall submit to the chief agent of the foreign company and the Superintendent a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action.
Insurance Companies Act — I-11.8 640
Duty of replacement auditor 640 (1) Where an auditor of a foreign company has resigned or the appointment of an auditor has been revoked, no person or firm shall accept an appointment or consent to be appointed as auditor of the foreign company until the person or firm has requested and received from the other auditor a written statement of the circumstances and reasons why the other auditor resigned or why, in the other auditor’s opinion, the other auditor’s appointment was revoked. Exception (2) Notwithstanding subsection (1), a person or firm may accept an appointment or consent to be appointed as auditor of a foreign company if, within fifteen days after a request under that subsection is made, no reply from the other auditor is received. Effect of non-compliance (3) Unless subsection (2) applies, an appointment as auditor of a foreign company is void if subsection (1) has not been complied with.
Insurance Companies Act — I-11.8 641
Auditor’s examination 641 (1) The auditor of a foreign company shall make such examination as the auditor considers necessary to enable the auditor to report on the annual return required by subsection 665(2) and on other financial statements required by this Act to be filed with the Superintendent. Auditing standards (2) The auditor’s examination referred to in subsection (1) shall, except as otherwise specified by the Superintendent, be conducted in accordance with generally accepted auditing standards, the primary source of which is the Handbook of the Chartered Professional Accountants of Canada. Reliance on actuary (3) An auditor of a foreign company may, in conducting the examination referred to in subsection (1), use the valuation by the actuary of the foreign company of (a) the actuarial and other policy liabilities of the foreign company as at the end of a financial year; and (b) the increase in the actuarial liabilities of the foreign company for a financial year. 1991, c. 47, s. 641; 2017, c. 26, s. 62
Insurance Companies Act — I-11.8 642
Right to information 642 (1) On the request of the auditor of a foreign company, the present or former chief agents, directors, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so, (a) permit access to such records, assets and security held by the foreign company, or any entity in which the foreign company has a substantial investment, in respect of the insurance business in Canada of the foreign company, and (b) provide such information and explanations as are, in the opinion of the auditor, necessary to enable the auditor to perform the duties of auditor of the foreign company. No civil liability (2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.
Insurance Companies Act — I-11.8 643
Auditor’s report and extended examination 643 (1) The Superintendent may, in writing, require that the auditor of a foreign company report to the Superintendent on the extent of the auditor’s procedures in the examination of the annual return and may, in writing, require that the auditor enlarge or extend the scope of that examination or direct that any other particular procedure be performed in any particular case, and the auditor shall comply with any such requirement of the Superintendent and report to the Superintendent thereon. Special examination (2) In respect of the insurance business in Canada of a foreign company, the Superintendent may, in writing, require that the auditor of the foreign company make a particular examination relating to the adequacy of the procedures adopted by the foreign company for the safety of its creditors and policyholders, or any other examination that, in the Superintendent’s opinion, the public interest may require, and report to the Superintendent on the examination. Idem (3) In respect of the insurance business in Canada of a foreign company, the Superintendent may direct that a special audit of the foreign company be made if, in the opinion of the Superintendent, it is so required and may appoint for that purpose an accountant or a firm of accountants qualified pursuant to subsection 634(1) to be an auditor of the foreign company. Expenses payable by foreign company (4) The expenses entailed by any examination or audit referred to in any of subsections (1) to (3) are payable by the foreign company on being approved in writing by the Superintendent. 1991, c. 47, s. 643; 2007, c. 6, s. 296
Insurance Companies Act — I-11.8 644
Auditor’s report 644 (1) The auditor of a foreign company shall, not later than the earlier of May 31 in each year and the day in each year on which the auditor is required to make a report under the laws under which the foreign company is incorporated, make a report to the chief agent in writing on the annual return required by subsection 665(2). Auditor’s opinion (2) In each report required under subsection (1), the auditor shall state whether, in the auditor’s opinion, the annual return presents fairly, in accordance with the accounting principles referred to in subsection 331(4), the financial position of the insurance business in Canada of the foreign 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 insurance business in Canada of the foreign company for that financial year. Auditor’s remarks (3) In each report referred to in subsection (2), 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 641(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 insurance business in Canada of the foreign 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 foreign company for that financial year. 1991, c. 47, s. 644; 1994, c. 26, s. 44(F)
Insurance Companies Act — I-11.8 645
Report to chief agent 645 (1) It is the duty of the auditor of a foreign company to report in writing to the chief agent of the foreign company any transactions or conditions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention affecting the well-being of the foreign company that in the auditor’s opinion are not satisfactory and require rectification and, without restricting the generality of the foregoing, the auditor shall, as occasion requires, make a report to the chief agent in respect of transactions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention and that in the auditor’s opinion have not been within the powers of the foreign company. Transmission of report (2) Where the auditor of a foreign company makes a report under subsection (1), the auditor shall, at the time of transmitting the report to the chief agent provide the Superintendent with a copy of the report.
Insurance Companies Act — I-11.8 646
Qualified privilege for statements 646 Any oral or written statement or report made under this Act by the auditor or a former auditor of a foreign company has qualified privilege.
Insurance Companies Act — I-11.8 647
Records 647 (1) A foreign company shall prepare and maintain (a) copies of all orders of the Superintendent in relation to the foreign company; (b) accounting records respecting its insurance business in Canada; and (c) with respect to its insurance business in Canada, records showing, for each customer of, or claimant under a policy issued by, the foreign company, the amount owing to the foreign company and the nature of the liabilities of the foreign company to the customer or claimant. Standards for record keeping (2) The records described in paragraphs (1)(b) and (c) shall be kept in a manner that enables the chief agent of the foreign company to provide the Superintendent with the information required by section 664 and with the annual return required by subsection 665(2). Place of records (3) The records described in subsection (1) shall be kept at the chief agency of the foreign company. Exception (4) Subject to subsection 268(1.1), subsection (3) does not apply to a foreign company incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV of the Bank Act is applicable or that is a subsidiary of a regulated foreign entity. 1991, c. 47, s. 647; 2001, c. 9, s. 449; 2007, c. 6, s. 297 2020, c. 1, s. 177
Insurance Companies Act — I-11.8 648
Examination of books 648 The Superintendent may examine the books, vouchers, receipts and other documents of a foreign company relating to its insurance business in Canada for the purpose of verifying information provided to the Superintendent pursuant to section 664 or 665.
Insurance Companies Act — I-11.8 649
Sections 266 to 270 apply 649 Section 266 to 270 apply, with such modifications as the circumstances require, to foreign companies.
Insurance Companies Act — I-11.8 650
Application for release of assets in Canada 650 A foreign company that proposes to cease to insure in Canada risks may apply to the Superintendent for the release of its assets in Canada. 1991, c. 47, s. 650; 2007, c. 6, s. 298
Insurance Companies Act — I-11.8 651
Conditions of release 651 Except as otherwise provided in this Act, the Superintendent may, by order, authorize the release of the assets in Canada of a foreign company if the foreign company (a) has, in respect of its policies, (i) obtained their surrender, (ii) transferred them, (iii) caused itself to be reinsured, on an assumption basis, against the risks undertaken under them, or (iv) otherwise discharged its liabilities under them, or provided for their discharge in a manner satisfactory to the Superintendent; (b) has discharged all of its obligations, other than liabilities under its policies, or provided for them in a manner satisfactory to the Superintendent; and (c) has provided the Superintendent with proof of the publication, for four consecutive weeks, in the Canada Gazette and in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated, of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its creditors and policyholders opposing that release to file their opposition with the Superintendent on or before the day. 1991, c. 47, s. 651; 1996, c. 6, s. 90; 2007, c. 6, s. 298
Insurance Companies Act — I-11.8 652
Release of assets to liquidator 652 Despite sections 650 and 651, the assets in Canada of a foreign company that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act , be released to the liquidator. 1991, c. 47, s. 652; 2007, c. 6, s. 298
Insurance Companies Act — I-11.8 653
Revocation of order 653 The Superintendent may revoke the order made under subsection 574(1) in respect of a foreign company if in the opinion of the Superintendent the foreign company is not insuring in Canada risks, or if the foreign company does not (a) provide information to the Superintendent as required by section 664; (b) provide the annual return to the Superintendent as required by section 665; (c) permit the examination authorized by section 648 or 674; or (d) provide any information in its possession or control that is requested for the purpose of any such examination. 1991, c. 47, s. 653; 2007, c. 6, s. 298
Insurance Companies Act — I-11.8 654
Deemed revocation 654 An order made under subsection 574(1) in respect of a foreign company is deemed to be revoked when an order is made under section 651 or 652 authorizing the release of its assets in Canada. 1991, c. 47, s. 654; 1996, c. 6, s. 167; 2007, c. 6, s. 298
Insurance Companies Act — I-11.8 656
Application of other provisions 656 (1) Divisions XII to XIV of Part VI, other than subsection 330(2), Parts VIII to XI and Part XX apply to provincial companies. Idem (2) Subsections 15(1) and (2), sections 254 to 256 and subsections 268(1) and (2) apply, with such modifications as the circumstances require, to every provincial company for which an order for the commencement and carrying on of business under this Part has been made to the same extent that they are applicable to, or in respect of, a company, but to the extent to which any provision referred to in this section would effect an enlargement, in any respect, of the corporate powers or rights of any provincial company under its incorporating instrument, that provision does not apply to the provincial company. 1991, c. 47, s. 656; 2005, c. 54, s. 303 2020, c. 1, s. 178