GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 435
Arrangements to effect compliance 435 (1) The directors of a company may make such arrangements as they deem necessary to carry out the intent of this Part and, in particular, but without limiting the generality of the foregoing, may (a) require any person in whose name a share of the company is held to submit a declaration setting out (i) the beneficial ownership of the share, and (ii) such other information as the directors deem relevant for the purposes of this Part; (b) require any person who wishes to have a transfer of a share registered in the name of, or to have a share issued to, that person to submit a declaration referred to in paragraph (a) as though the person were the holder of that share; and (c) determine the circumstances in which a declaration referred to in paragraph (a) is to be required, the form of the declaration and the times at which it is to be submitted. Order of Superintendent (2) The Superintendent may, by order, direct a company to obtain from any person in whose name a share of the company is held a declaration setting out the name of every entity controlled by that person and containing information concerning (a) the ownership or beneficial ownership of the share; and (b) such other related matters as are specified by the Superintendent. Compliance required (3) As soon as possible after receipt by a company of a direction under subsection (2), (a) the company shall comply with the direction; and (b) every person who is requested by the company to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request. Outstanding declaration: effect (4) Where, pursuant to this section, a declaration is required to be submitted by a shareholder or other person in respect of the issue or transfer of any share, a company may refuse to issue the share or register the transfer unless the required declaration is submitted.
Insurance Companies Act — I-11.8 436
Reliance on information 436 A company and any person who is a director or an officer, employee or agent of the company may rely on any information contained in a declaration required by the directors pursuant to section 435 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the company or any such person for anything done or omitted to be done in good faith in reliance on any such information.
Insurance Companies Act — I-11.8 438
Exemption regulations 438 The Governor in Council may, by regulation, exempt from any of the provisions of this Part any share transaction or any class of share transactions involving the transfer of shares on the death of the beneficial owner thereof, or any arrangement made in contemplation of the death of the beneficial owner, to one or more members of the beneficial owner’s family, or to one or more trustees on their behalf.
Insurance Companies Act — I-11.8 439
Competition Act 439 Nothing in, or done under the authority of, this Act affects the operation of the Competition Act .
Insurance Companies Act — I-11.8 440
Main business 440 (1) Subject to this Act, a company shall not engage in or carry on any business other than such business generally as appertains to the business of providing financial services. Idem (2) For greater certainty, a company may (a) act as a financial agent, receiver, liquidator or sequestrator; (b) provide investment counselling services and portfolio management services; and (c) issue payment, credit or charge cards and, in cooperation with others including other financial institutions, operate a payment, credit or charge card plan. 1991, c. 47, s. 440; 2009, c. 2, s. 282(F)
Insurance Companies Act — I-11.8 441
cation services. Additional activities — life companies (1.1) A life company may engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services. Terms and conditions (2) A consent given under paragraph (1)(h) is subject to the terms and conditions imposed by the Minister. Restriction (3) Except as authorized by or under this Act, a company shall not deal in goods, wares or merchandise or engage in any trade or other business. Regulations (4) The Governor in Council may make regulations (a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1); (b) imposing terms and conditions in respect of (i) the provision of services referred to in paragraphs (1)(a) and 440(2)(b), and (ii) the carrying on of the activities referred to in any of paragraphs (1)(d) and (d.1) and subsection (1.1); and (c) respecting the circumstances in which companies may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(d) or (d.1). 1991, c. 47, s. 441; 1993, c. 34, s. 80(F); 1994, c. 26, s. 41(F); 1997, c. 15, s. 247; 2001, c. 9, s. 416; 2007, c. 6, s. 217(E); 2018, c. 12, s. 329
Insurance Companies Act — I-11.8 442
Networking 442 (1) A company may (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 490(1) or a prescribed entity; (b) enter into an arrangement with any person in respect of the provision of that service; or (c) refer any person to any such financial institution or entity. Regulations (2) The Governor in Council may make regulations respecting the disclosure of (a) the name of the principal for whom a company is acting as agent pursuant to subsection (1); and (b) whether any commission is being earned by a company when acting as agent pursuant to subsection (1). 1991, c. 47, s. 442; 2001, c. 9, s. 417
Insurance Companies Act — I-11.8 443
Restriction to specified classes of insurance 443 (1) A company shall not insure a risk unless the risk falls within a class of insurance that is specified in the order of the Superintendent approving the commencement and carrying on of business by the company. Continuation of certificate limitations (2) A class of insurance specified in a certificate of registry, issued under Part III of the Canadian and British Insurance Companies Act , or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be specified in an order of the Superintendent approving the commencement and carrying on of business by the company.
Insurance Companies Act — I-11.8 444
Restriction to reinsurance 444 (1) A company may reinsure, but shall not otherwise insure, a risk falling within a class of insurance specified in the order of the Superintendent approving the commencement and carrying on of business by the company if the order limits the company to the reinsurance of those risks. Continuation of certificate conditions (2) A condition that limits a company to the reinsurance of risks falling within a class of insurance and that is contained in a certificate of registry issued under Part III of the Canadian and British Insurance Companies Act , or in any other authorization, that had not expired or been withdrawn before the coming into force of this Part is deemed to be a limitation in an order of the Superintendent approving the commencement and carrying on of business by the company.
Insurance Companies Act — I-11.8 445
No new composite companies 445 The Superintendent may not make or vary an order approving the commencement and carrying on of business by a company if the company would as a result be permitted to insure both risks falling within the class of life insurance and risks falling within any other class of insurance other than accident and sickness insurance, credit protection insurance and other approved products insurance. 1991, c. 47, s. 445; 1997, c. 15, s. 248; 2007, c. 6, s. 218
Insurance Companies Act — I-11.8 447
Separate accounts 447 A company that is authorized to insure risks falling within the class of life insurance and risks falling within one or more other classes of insurance shall maintain separate accounts in respect of each class of insurance within which it is authorized to insure risks. 1991, c. 47, s. 447; 1997, c. 15, s. 249
Insurance Companies Act — I-11.8 448
Annuities and endowment insurance restricted to life companies 448 Property and casualty companies and marine companies shall not issue annuities or policies of endowment insurance. 1991, c. 47, s. 448; 2007, c. 6, s. 219
Insurance Companies Act — I-11.8 449
Compensation association 449 (1) Every company that is insuring risks that fall within a class of insurance shall become and remain a member of any compensation association designated by order of the Minister for that class of insurance. Designation limitation (1.1) A compensation association shall not be designated under subsection (1) unless, in the opinion of the Minister, it has the authority to levy an assessment on each of its members. Exceptions (2) Subsection (1) does not apply (a) to a company that may reinsure but may not otherwise insure risks; (b) in respect of a class of insurance that, in the opinion of the Minister, is adequately covered by some other compensation plan; (c) in respect of the insurance against the loss of, or damage to, property caused by fire, by lightning, by an explosion due to ignition, by smoke or by breakage of or leakage from a sprinkler, from other fire protection equipment or from another fire protection system by a company that is a member of the Fire Mutuals Guarantee Fund; or (d) in respect of a class of insurance for which the Minister has not designated a compensation association. 1991, c. 47, s. 449; 1994, c. 26, s. 42(E); 1996, c. 6, s. 79; 2007, c. 6, s. 220
Insurance Companies Act — I-11.8 450
Segregated funds restricted to life companies 450 A property and casualty company, or a marine company, shall not issue policies — or accept or retain, on the direction of a policyholder or beneficiary, policy dividends or bonuses, or policy proceeds that are payable on the surrender or maturity of the policy or on the death of the person whose life is insured — if the liabilities of the company in respect of the policies or the amounts accepted or retained vary in amount depending on the market value of a fund consisting of a specified group of assets. 1991, c. 47, s. 450; 2007, c. 6, s. 221
Insurance Companies Act — I-11.8 451
Where segregated funds required 451 A life company that issues policies described in section 450 or accepts or retains amounts so described shall, in respect of those policies or amounts, (a) maintain separate accounts; and (b) establish and maintain one or more funds consisting of assets that are segregated from the other assets of the company and that are specified as the assets on the market value of which the liabilities of the company in respect of those policies or amounts depend.
Insurance Companies Act — I-11.8 452
Establishment and maintenance of segregated funds 452 For the purpose of establishing or maintaining a segregated fund required to be established and maintained by section 451, a company may, subject to the regulations and, in the case of a transfer from a participating account maintained pursuant to section 456, to section 463, transfer an amount to the separate account maintained in respect of the segregated fund. 1991, c. 47, s. 452; 1994, c. 26, s. 43
Insurance Companies Act — I-11.8 453
Transfers from segregated funds 453 A company may return the current value of an amount transferred under section 452 to the account from which the amount was transferred. 1991, c. 47, s. 453; 2007, c. 6, s. 222
Insurance Companies Act — I-11.8 454
Claims against segregated funds 454 A claim against a segregated fund maintained as required by section 451 under a policy or for an amount in respect of which the fund is maintained has priority over any other claim against the assets of that fund, including the claims referred to in section 161 of the Winding-up and Restructuring Act , except to the extent that the payment of that other claim is secured by a security interest in or on a specific, identifiable asset of the segregated fund. 1991, c. 47, s. 454; 1996, c. 6, s. 167; 1997, c. 15, s. 250
Insurance Companies Act — I-11.8 455
Restriction of claims 455 The liability of a company under a policy or for an amount in respect of which a segregated fund is maintained pursuant to section 451 (a) does not, except to the extent that the assets of the fund are insufficient to satisfy a claim for any minimum amount that the company agrees to pay under the policy or in respect of the amount, give rise to a claim against any assets of the company, other than the assets of that fund, but (b) to the extent that the assets of the fund are insufficient to satisfy such a claim, gives rise to a claim against the assets of the company, other than the assets of that fund, that has the priority referred to in subsection 161(2) of the Winding-up and Restructuring Act . 1991, c. 47, s. 455; 1996, c. 6, s. 167
Insurance Companies Act — I-11.8 456
Participating account 456 A company shall maintain accounts, in the form and manner determined by the Superintendent, in respect of participating policies, separately from those maintained in respect of other policies.
Insurance Companies Act — I-11.8 457
Allocation of income 457 There shall be credited to, or debited from, a participating account maintained pursuant to section 456 that portion of the investment income or losses of the company for a financial year, including accrued capital gains or losses, whether or not realized, that is determined in accordance with a method that is (a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders; (b) approved by resolution of the directors, after considering the written opinion of the actuary of the company; and (c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.
Insurance Companies Act — I-11.8 458
Allocation of expenses 458 There shall be debited from a participating account maintained pursuant to section 456 that portion of the expenses, including taxes, of the company for a financial year that is determined in accordance with a method that is (a) in the written opinion of the actuary of the company, fair and equitable to the participating policyholders; (b) approved by resolution of the directors, after considering the written opinion of the actuary of the company; and (c) not disallowed by the Superintendent, on the ground that it is not fair and equitable to the participating policyholders, within sixty days after receiving the resolution.
Insurance Companies Act — I-11.8 459
Filing of allocation method 459 A company the directors of which by resolution approve a method of allocating its investment income and losses and expenses to a participating account maintained pursuant to section 456 shall, within thirty days after making the resolution, file a copy of it with the Superintendent, together with a copy of the written opinion of the actuary of the company and any other information relevant to the allocation method that the Superintendent requests.
Insurance Companies Act — I-11.8 460
Review of allocation method 460 The actuary of a company shall annually report in writing to the directors on the fairness and equitableness of the method used by the company for allocating its investment income and losses and expenses to a participating account maintained pursuant to section 456.
Insurance Companies Act — I-11.8 461
Payments to shareholders from participating account 461 A company that has share capital may, from a participating account maintained pursuant to section 456, in a financial year and at any time within six months after the end of that financial year, make a payment to its shareholders, or transfer an amount to an account (other than a participating shareholder account as defined in section 83.01) from which a payment can be made to its shareholders, if (a) the aggregate of the amounts so paid or transferred in that financial year does not exceed the percentage of the portion of the profits of the participating account that is determined by the directors as the portion to be distributed for that financial year to the shareholders and participating policyholders, which percentage shall not exceed the number, expressed as a percentage, that is the aggregate of (i) 10 multiplied by the lesser of (A) the sum of the opening balances for that financial year of all participating accounts of the company, and (B) two hundred and fifty million dollars, (ii) 7.5 multiplied by the amount, if any, by which the lesser of (A) the sum of the opening balances for that financial year of all participating accounts of the company, and (B) five hundred million dollars exceeds two hundred and fifty million dollars, (iii) 5 multiplied by the amount, if any, by which the lesser of (A) the sum of the opening balances for that financial year of all participating accounts of the company, and (B) one billion dollars exceeds five hundred million dollars, and (iv) 2.5 multiplied by the amount, if any, by which the sum of the opening balances for that financial year of all participating accounts of the company exceeds one billion dollars, divided by the sum of the opening balances for that financial year of all the participating accounts; (b) the company pays dividends or bonuses to its participating policyholders out of the profits of the participating account for that financial year in accordance with its dividend or bonus policy established pursuant to paragraph 165(2)(e); and (c) the payment to the shareholders, or the transfer to the account from which a payment can be made to the shareholders, would not, in the opinion of the actuary of the company, materially affect the company’s ability to continue to comply with its dividend or bonus policy or to maintain the levels or rates of dividends or bonuses paid to the company’s participating policyholders. 1991, c. 47, s. 461; 1997, c. 15, s. 251; 2007, c. 6, s. 223
Insurance Companies Act — I-11.8 462
Transfers from participating account 462 The only transfers that may be made from a participating account maintained pursuant to section 456 are (a) transfers made pursuant to sections 461 and 463; (b) transfers made in respect of transfers or reinsurance of all or any portion of the participating policies in respect of which the participating account is maintained; (c) transfers, with the approval of the Superintendent, of amounts that can be reasonably attributed to sources not related to the participating policies in respect of which the account is or has been maintained, if the transfer would not, in the opinion of the actuary of the company, materially affect the company’s ability to continue to comply with its dividend or bonus policy, maintain the levels or rates of dividends or bonuses paid to the company’s participating policyholders or meet the company’s obligations under its participating policies; and (d) transfers made in respect of the conversion of a mutual company into a company with common shares. 1991, c. 47, s. 462; 1997, c. 15, s. 252; 1999, c. 1, s. 8; 2007, c. 6, s. 224
Insurance Companies Act — I-11.8 463
Transfers to segregated funds from participating account 463 (1) A company may transfer from a participating account maintained pursuant to section 456 to a segregated fund maintained pursuant to section 451 an amount not exceeding the amount determined in accordance with the formula A - (B - C) where A is 25 per cent of the unappropriated earned surplus of that account; B is the aggregate amount of all previous transfers from that account to the segregated funds; and C is the aggregate amount returned to the participating account from the segregated funds. Ceiling (2) The aggregate amount of all transfers from participating accounts maintained pursuant to section 456 to the segregated funds maintained pursuant to section 451 may not exceed the amount determined in accordance with the formula A - (B - C) where A is 10 per cent of the aggregate unappropriated earned surplus of the participating accounts; B is the aggregate amount of all previous transfers from those accounts to those funds; and C is the aggregate amount returned to those accounts from those funds.
Insurance Companies Act — I-11.8 464
Declaration of policy dividend or bonus 464 (1) Subject to this section, the directors of a company that issues participating policies may declare, and the company may pay or otherwise satisfy, a dividend, bonus or other benefit on those policies in accordance with its dividend or bonus policy established pursuant to paragraph 165(2)(e). Report of actuary (2) The company’s actuary shall, in writing, report to the directors on the fairness to participating policyholders of a proposed dividend, bonus or other benefit and whether it is in accordance with the policy. The directors shall consider the actuary’s report before declaring the dividend, bonus or other benefit. Generally accepted actuarial practice (2.1) The report of the actuary referred to in subsection (2) shall be prepared 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. When dividend not to be declared (3) The directors of a company shall not declare a dividend, bonus or other benefit to participating policyholders if there are reasonable grounds for believing that the company is, or the payment or other satisfaction would cause the company to be, in contravention of subsection 515(1), any regulation made under subsection 515(2) or any order made under subsection 515(3). 1991, c. 47, s. 464; 2005, c. 54, s. 296; 2007, c. 6, s. 225
Insurance Companies Act — I-11.8 464.1
Report of actuary 464.1 (1) The actuary of a company that has adjustable policyholders shall, annually and in writing, report to the directors on whether the changes that the company made in respect of its adjustable policies during the preceding 12 months are in accordance with the criteria established under paragraph 165(2)(e.2) and are fair to the adjustable policyholders. Generally accepted actuarial practice (1.1) The report of the actuary referred to in subsection (1) shall be prepared 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. Information to policyholder (2) A company that made changes in respect of its adjustable policies during the preceding 12 months shall within the prescribed period send the prescribed information to the policyholder, if the adjustable policy was issued in Canada or if it confers voting rights. Information to policyholder — renewal (3) In the case of the renewal of an adjustable policy, the company shall within the prescribed period send the prescribed information to the policyholder. 2005, c. 54, s. 297; 2012, c. 5, s. 130
Insurance Companies Act — I-11.8 465
Regulations 465 (1) The Governor in Council may make regulations limiting the extent to which a company may cause itself to be reinsured against risks undertaken under its policies. Regulation may provide for discretion (2) A regulation made pursuant to subsection (1) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulation may specify. 1991, c. 47, s. 465; 2007, c. 6, s. 226
Insurance Companies Act — I-11.8 466
Restriction on fiduciary activities 466 No company shall act in Canada as (a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or (b) a trustee for a trust.
Insurance Companies Act — I-11.8 467
Restriction on deposit taking 467 Except as otherwise permitted by this Act, a company shall not accept deposits. 1991, c. 47, s. 467; 1999, c. 31, s. 143(F)