GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 673.1
Disclosure by a company, etc. 673.1 (1) A company, society, foreign company or provincial company shall make available to the public such information concerning (a) the compensation of its executives, as that expression is defined by the regulations, and (b) its business and affairs for the purposes of the analysis of its financial condition, in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose. Exemption by regulation (2) Paragraph (1)(a) does not apply to a company, society, foreign company or provincial company that is within such class or classes of companies, societies, foreign companies or provincial companies as may be prescribed. 1996, c. 6, s. 93
Insurance Companies Act — I-11.8 673.2
Exceptions to disclosure 673.2 Subject to any regulations made under section 489 or 607, no information obtained by a company, society, foreign company or provincial company regarding any of its customers shall be disclosed or made available under subsection 673(1) or section 673.1. 1996, c. 6, s. 93
Insurance Companies Act — I-11.8 673.3
Report respecting disclosure 673.3 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act , respecting the disclosure of information by companies, societies, foreign companies or provincial companies and describing the state of progress made in enhancing the disclosure of information in the financial services industry. 1996, c. 6, s. 93; 2001, c. 9, s. 455
Insurance Companies Act — I-11.8 674
Examination of companies, etc. 674 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each company, society, foreign company and provincial company that the Superintendent considers to be necessary or expedient to determine whether the company, society, foreign company or provincial company is complying with the provisions of this Act, whether the company, society or provincial company or the insurance business in Canada of the foreign company is in a sound financial condition and whether the company, society or provincial company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures or the foreign company has adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada and adheres to those policies and procedures. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister. (1.1) [Repealed, 2023, c. 26, s. 585] Examination need not be made annually (2) If, in the opinion of the Superintendent, the circumstances so warrant in the case of a company, a provincial company or a foreign company that is not a fraternal benefit society, the examination and inquiry may be made less frequently than annually but not less frequently than triennially. Examination need not be made annually (2.1) If, in the opinion of the Superintendent, the circumstances so warrant in the case of a society or a foreign company that is a fraternal benefit society, the examination and inquiry may be made less frequently than annually. Access to records of company (3) The Superintendent or a person acting under the Superintendent’s direction (a) has a right of access to any records, cash, assets and security held by or on behalf of a company, society or provincial company or held by or on behalf of a foreign company in respect of its insurance business in Canada; and (b) may require the directors, officers, auditor and actuary of a company, society or provincial company or the chief agent, actuary and auditor of a foreign company to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the company, society, foreign company or provincial company or any entity in which it has a substantial investment. 1991, c. 47, s. 674; 2001, c. 9, s. 456 2023, c. 26, s. 585 2026, c. 3, s. 319
Insurance Companies Act — I-11.8 675
Power of Superintendent on inquiry 675 The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent’s direction.
Insurance Companies Act — I-11.8 675.1
Prudential agreement 675.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with (a) a company, society or provincial company, for the purposes of implementing any measure designed to maintain or improve its safety and soundness, establishing adequate policies and procedures to protect it against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures; or (b) a foreign company, for the purposes of implementing any measure designed to protect the interests of its policyholders and creditors in relation to its insurance business in Canada, establishing adequate policies and procedures to protect it against threats to its integrity or security in relation to its business in Canada or maintaining or improving its adherence to those policies and procedures. 2001, c. 9, s. 457 2023, c. 26, s. 586 2026, c. 3, s. 320
Insurance Companies Act — I-11.8 676
Superintendent’s directions to companies, etc. 676 (1) If, in the opinion of the Superintendent, a company, society, foreign company or provincial company, or a person with respect to a company, society, foreign company or provincial company, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business or affairs of the company, society, foreign company or provincial company, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business or affairs of the company, society, foreign company or provincial company, the Superintendent may direct the company, society, foreign company, provincial company or person to (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation. (c) [Repealed, 2026, c. 3, s. 321] (d) [Repealed, 2026, c. 3, s. 321] Directions — policies and procedures (1.1) If, in the opinion of the Superintendent, a company, society, or provincial company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies or procedures, or a foreign company does not have adequate policies and procedures to protect itself against threats to its integrity or security in relation to its business in Canada or does not adhere to those policies and procedures, the Superintendent may direct the company, society, foreign company or provincial company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued to a company, society, foreign company, provincial company or person under subsection (1) or (1.1) unless the company, society, foreign company, provincial company or person is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) or subsection (1.1) having effect for a period of not more than 15 days. Idem (4) Subject to section 677, a temporary direction under subsection (3) continues to have effect after the expiration of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the company, society, foreign company, provincial company or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 1991, c. 47, s. 676 2023, c. 26, s. 587 2026, c. 3, s. 321
Insurance Companies Act — I-11.8 678
Court enforcement 678 (1) Where a company, society, foreign company, provincial company or person (a) is contravening or has failed to comply with a prudential agreement entered into under section 675.1 or a direction of the Superintendent issued to the company, society, foreign company, provincial company or person under subsection 676(1), (1.1.) or (3), (b) is contravening this Act, or (c) has omitted to do any thing under this Act that is required to be done by or on the part of the company, society, foreign company, provincial company or person, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the company, society, foreign company, provincial company or person to comply with the prudential agreement or direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 1991, c. 47, s. 678; 2001, c. 9, s. 458 2023, c. 26, s. 588
Insurance Companies Act — I-11.8 678.01
Meaning of senior officer 678.01 In sections 678.1 and 678.2, senior officer means the chief executive officer, secretary, treasurer, controller or actuary of a company, society or provincial company, or any other officer reporting directly to its board of directors or chief executive officer. 2001, c. 9, s. 459
Insurance Companies Act — I-11.8 678.2
Removal of directors or senior officers 678.2 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of a company, society or provincial company if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 676, (iii) an order made under subsection 515(3), (iv) a condition or limitation in respect of the order approving the commencement and carrying on of business by the company, society or provincial company, or (v) a prudential agreement entered into under section 675.1 or an undertaking given by the company, society or provincial company to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the policyholders and creditors of the company, society or provincial company have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the company, society or provincial company of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the company, society or provincial company of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The director or senior officer, as the case may be, or the company, society or provincial company, as the case may be, may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 461; 2007, c. 6, s. 301
Insurance Companies Act — I-11.8 678.3
Application 678.3 (1) This section applies only in respect of a foreign company (a) that has been notified by the Superintendent that this section applies to it where the foreign company is subject to measures designed to protect the interests of its policyholders and creditors in respect of its insurance business in Canada, which measures (i) have been specified by the Superintendent by way of conditions or limitations in respect of the order made under subsection 574(1) in respect of the foreign company, or (ii) are contained in a prudential agreement entered into under section 675.1 or an undertaking given by the foreign company to the Superintendent; or (b) that is the subject of a direction made under section 676 or an order made under subsection 608(4) or 609(2). Information to be provided (2) A foreign company shall provide the Superintendent with the name of any person who has been selected by the foreign company for appointment as chief agent together with such other information about the background, business record and experience of the person as the Superintendent may require. When information to be provided (3) The information required by subsection (2) shall be provided to the Superintendent at least 30 days prior to the date of the appointment or within any shorter period that the Superintendent may allow. Disqualification (4) If the Superintendent is of the opinion that, on the basis of the competence, business record, experience, conduct or character of a person, he or she is not suitable to hold the position of chief agent, the Superintendent may, by order, disqualify the person from being appointed to that office. Risk of prejudice (5) In forming an opinion under subsection (4), the Superintendent must consider whether the interests of the policyholders and creditors of the foreign company in respect of its insurance business in Canada would likely be prejudiced if the person were to take office. Representations may be made (6) The Superintendent must in writing notify the person concerned and the foreign company of an order that the Superintendent proposes to make under subsection (4) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Prohibition (7) If an order is made under subsection (4) disqualifying a person from being appointed as chief agent, the person shall not be, and the foreign company shall not permit the person to be, appointed to that position. 2001, c. 9, s. 461; 2007, c. 6, s. 302
Insurance Companies Act — I-11.8 678.4
Removal 678.4 (1) The Superintendent may, by order, remove a person from office as the chief agent of a foreign company if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 676, (iii) an order made under subsection 608(4) or 609(2), (iv) a condition or limitation in respect of the order made under subsection 574(1) in respect of the foreign company, or (v) a prudential agreement entered into under section 675.1 or an undertaking given by the foreign company to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the policyholders and creditors of the foreign company in respect of its insurance business in Canada have been or are likely to be prejudiced by the person’s holding office as chief agent. Representations may be made (3) The Superintendent must in writing notify the chief agent and the foreign company of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest is likely to be prejudiced by the chief agent continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the chief agent. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the chief agent and the foreign company of a removal order or suspension order. Consequences of removal order (6) The chief agent ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The chief agent or the foreign company may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 461; 2007, c. 6, s. 303
Insurance Companies Act — I-11.8 678.5
Direction to transfer policies or to reinsure risks — society 678.5 (1) If the circumstances described in any of paragraphs 679(1.1)(a) to (e) or (f.1) to (i) exist in respect of a society, the Superintendent may, by order, subject to any terms and conditions the Superintendent may specify, direct it to transfer all or any portion of its policies to, or cause itself to be reinsured, against all or any portion of the risks undertaken under its policies, by any company, society, foreign company or body corporate incorporated or formed by or under the laws of a province that is authorized to transact the classes of insurance to be so transferred or reinsured. Compliance (2) The society shall comply with the order within the time that the Superintendent specifies in the order or within any further period specified by the Superintendent. Opportunity for representations (3) No order shall be issued to a society under subsection (1) unless the society is provided with a reasonable opportunity to make representations in respect of the matter. 2001, c. 9, s. 462; 2007, c. 6, s. 304 2023, c. 26, s. 589
Insurance Companies Act — I-11.8 678.6
Direction to transfer policies or to reinsure risks — foreign fraternal benefit society 678.6 (1) If the circumstances described in any of paragraphs 679(1.2)(a) to (d) or (f) to (h) exist in respect of a foreign fraternal benefit society, the Superintendent may, by order, subject to any terms and conditions the Superintendent may specify, direct it to transfer all or any portion of its policies in respect of its insurance business in Canada to, or cause itself to be reinsured, against all or any portion of the risks undertaken under those policies, by any company, society, foreign company or body corporate incorporated or formed by or under the laws of a province that is authorized to transact the classes of insurance to be so transferred or reinsured. Compliance (2) The foreign company shall comply with the order within the time that the Superintendent specifies in the order or within any further period specified by the Superintendent. Opportunity for representations (3) No order shall be issued to a foreign company under subsection (1) unless the foreign company is provided with a reasonable opportunity to make representations in respect of the matter. 2001, c. 9, s. 462; 2007, c. 6, s. 305 2023, c. 26, s. 590
Insurance Companies Act — I-11.8 679
iety, provincial company or foreign company under paragraph (1.21)(a), the Superintendant shall notify the company, society, provincial company or foreign company that control has been taken at the direction of the Minister. Notice — more than 16 days (1.5) If the Minister is considering whether to exercise the powers under any of paragraphs (1.21)(b) to (d), the Superintendent shall notify the company, society, provincial company or foreign company of the action that is being considered and of its right to make written representations to the Minister within the time specified in the notice, not exceeding 10 days after it receives the notice. Notice — Committee and Review Agency (1.6) Within 30 days after exercising any of the powers under subsection (1.21), the Minister shall notify (a) the Committee , as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act ; and (b) the Review Agency , as defined in section 2 of the National Security and Intelligence Review Agency Act . Objectives of Superintendent (2) If the Superintendent has control under subsection (1) or (1.21) of the assets of a company, society, provincial company or foreign company referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the policyholders and creditors of the company, society or provincial company or the policyholders and creditors in respect of the foreign company’s insurance business in Canada. Powers of Superintendent (3) If the Superintendent has control under subsection (1) or (1.21) of the assets of a company, society, provincial company or foreign company referred to in that subsection, (a) the company, society, provincial company or foreign company shall not make, acquire or transfer any loan or make any purchase, sale or exchange of securities or any disbursement or transfer of cash of any kind without the prior approval of the Superintendent or a representative designated by the Superintendent; and (b) no director, officer or employee of the company, society, provincial company or foreign company nor the chief agent of the foreign company shall have access to any cash or securities held by the company, society, provincial company or foreign company unless (i) a representative of the Superintendent accompanies the director, officer or employee or the chief agent, or (ii) the access is previously authorized by the Superintendent or the Superintendent’s representative. 1991, c. 47, s. 679; 1996, c. 6, s. 96; 1997, c. 15, s. 326; 2001, c. 9, s. 463; 2007, c. 6, s. 306 2023, c. 26, s. 591
Insurance Companies Act — I-11.8 680 to 682
680 to 682 [Repealed, 1996, c. 6, s. 96]