GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 981
Limit on total property interest 981 An insurance holding company shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property in which the insurance holding company or any of its prescribed subsidiaries has an interest if the aggregate value of all interests of the insurance holding company in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 982
Limits on equity acquisitions 982 An insurance holding company shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire any participating shares of any body corporate or any ownership interests in any unincorporated entity, other than those of a permitted entity in which the insurance holding company has, or by virtue of the acquisition would have, a substantial investment, or (b) acquire control of an entity that holds shares or ownership interests referred to in paragraph (a), if the aggregate value of (c) all participating shares, excluding participating shares of permitted entities in which the insurance holding company has a substantial investment, and (d) all ownership interests in unincorporated entities, other than ownership interests in permitted entities in which the insurance holding company has a substantial investment, beneficially owned by the insurance holding company and its prescribed subsidiaries exceeds, or the purchase or acquisition would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 983
Aggregate limit 983 An insurance holding company shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire (i) participating shares of a body corporate, other than those of a permitted entity in which the insurance holding company has, or by virtue of the acquisition would have, a substantial investment, (ii) ownership interests in an unincorporated entity, other than ownership interests in a permitted entity in which the insurance holding company has, or by virtue of the acquisition would have, a substantial investment, or (iii) interests in real property, or (b) make an improvement to real property in which the insurance holding company or any of its prescribed subsidiaries has an interest if the aggregate value of (c) all participating shares and ownership interests referred to in subparagraphs (a)(i) and (ii) that are beneficially owned by the insurance holding company and its prescribed subsidiaries, and (d) all interests of the insurance holding company in real property referred to in subparagraph (a)(iii) exceeds, or the acquisition or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 984
Regulations 984 For the purposes of this Division, the Governor in Council may make regulations (a) defining the interests of an insurance holding company in real property; (b) determining the method of valuing those interests; (c) exempting classes of insurance holding companies from the application of sections 978 to 983; or (d) respecting the determination of an amount for the purpose of each of sections 981, 982 and 983. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 985
Divestment order 985 (1) The Superintendent may, by order, direct an insurance holding company to dispose of, within any period that the Superintendent considers reasonable, any loan, investment or interest made or acquired in contravention of this Division. Divestment order (2) If, in the opinion of the Superintendent, (a) an investment by an insurance holding company or any entity it controls in shares of a body corporate or in ownership interests in an unincorporated entity enables the insurance holding company to control the body corporate or the unincorporated entity, or (b) the insurance holding company or any entity it controls has entered into an arrangement whereby it or its nominee may veto any proposal put before (i) the board of directors of a body corporate, or (ii) a similar group or committee of an unincorporated entity, or whereby no proposal may be approved except with the consent of the insurance holding company, the entity it controls or the nominee, the Superintendent may, by order, require the insurance holding company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the insurance holding company no longer controls the body corporate or unincorporated entity or has the ability to veto or otherwise defeat any proposal referred to in paragraph (b). Divestment order (3) If (a) an insurance holding company (i) fails to provide or obtain within a reasonable time the undertakings referred to in subsection 973(1), (2) or (4), or (ii) is in default of an undertaking referred to in subsection 973(1) or (2) and the default is not remedied within ninety days after the day of receipt by the insurance holding company of a notice from the Superintendent of the default, or (b) a permitted entity referred to in subsection 973(4) is in default of an undertaking referred to in subsection 973(4) and the default is not remedied within ninety days after the day of receipt by the insurance holding company of a notice from the Superintendent of the default, the Superintendent may, by order, require the insurance holding company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the insurance holding company no longer has a substantial investment in the entity to which the undertaking relates. Exception (4) Subsection (2) does not apply in respect of an entity in which an insurance holding company has a substantial investment permitted by this Division. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 986
Deemed temporary investment 986 If an insurance holding company controls or has a substantial investment in an entity as permitted by this Division and the insurance holding company becomes aware of a change in the business or affairs of the entity that, if the change had taken place before the acquisition of control or of the substantial investment, would have caused the entity not to be a permitted entity or would have been such that approval for the acquisition would have been required under subsection 971(5) or (6), the insurance holding company is deemed to have acquired, on the day the insurance holding company becomes aware of the change, a temporary investment in respect of which section 974 applies. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 987
ompany prepared before the transfer of the asset or, if the value of any of those assets is not reported in that annual statement, as it would be reported in the annual statement of the insurance holding company if the annual statement had been prepared, in accordance with the accounting principles referred to in subsection 887(4), immediately before the transfer of the asset. 2001, c. 9, s. 465; 2007, c. 6, s. 328
Insurance Companies Act — I-11.8 988
Transitional 988 Nothing in this Division requires (a) the termination of a loan made before February 7, 2001; (b) the termination of a loan made after that date as a result of a commitment made before that date; (c) the disposal of an investment made before that date; or (d) the disposal of an investment made after that date as a result of a commitment made before that date. But if the loan or investment would be precluded or limited by this Division, the amount of the loan or investment may not be increased after that date. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 989
Saving 989 A loan or investment referred to in section 988 is deemed not to be prohibited by the provisions of this Division. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 990
Meaning of non-insurance entity 990 (1) Subject to subsection (2), for the purpose of section 991, non-insurance entity means a Canadian entity, other than a company, that is controlled by an insurance holding company or in which an insurance holding company has a substantial investment. Exception (2) A Canadian entity is not a non-insurance entity by reason only that a subsidiary of an insurance holding company that is a company that controls, or has a substantial investment, in the Canadian entity. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 991
Disclosure of status 991 (1) A non-insurance entity that carries on as part of its business the provision of financial services shall not borrow money in Canada from the public without disclosing that the non-insurance entity is not regulated as a financial institution in Canada. Manner of disclosure (2) The disclosure shall be (a) in a prospectus, information circular or other offering document related to the borrowing or in a similar document related to the borrowing or, if there is no such document, in a statement delivered to the lender; or (b) in any other manner that may be prescribed. Exception for certain borrowings (3) Subsection (1) does not apply (a) to a borrowing of a prescribed class or type or to a borrowing in prescribed circumstances or in a prescribed manner; or (b) except as may be provided in any regulations, to a borrowing (i) from a person in an amount of $150,000 or more, or (ii) through the issue of instruments in denominations of $150,000 or more. Exception (4) Subsection (1) does not apply if the non-insurance entity is (a) an insurance holding company or a bank holding company; (b) a bank; (c) an entity that is controlled by a bank holding company or in which a bank holding company has a substantial investment; (d) a trust, loan or insurance corporation incorporated under an Act of Parliament or of the legislature of a province; (e) a financial institution that is described in paragraph (g) of the definition financial institution in section 2; (f) an entity referred to in paragraph 971(1)(f) or (h); or (g) a prescribed entity. 2001, c. 9, s. 465; 2007, c. 6, s. 329(F)
Insurance Companies Act — I-11.8 992
Adequacy of capital and liquidity 992 (1) An insurance holding company shall, in relation to its business, maintain (a) adequate capital, and (b) adequate and appropriate forms of liquidity, and comply with any regulations in relation to capital and liquidity. Regulations and guidelines (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by an insurance holding company of adequate capital and adequate and appropriate forms of liquidity. Directives (3) Even if an insurance holding company is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the insurance holding company (a) to increase its capital; or (b) to provide additional liquidity in such forms and amounts as the Superintendent may require. Compliance (4) An insurance holding company shall comply with an order made under subsection (3) within the time specified by the Superintendent in the order. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 993
Required information 993 An insurance holding company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 994
Names of directors and auditors 994 (1) An insurance holding company shall, within thirty days after each annual meeting of the insurance holding company, provide the Superintendent with a return showing (a) the name, residence and citizenship of each director holding office immediately following the meeting; (b) the mailing address of each director holding office immediately following the meeting; (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member; (d) the names of the directors referred to in paragraph (a) who are officers or employees of the insurance holding company or any affiliate of the insurance holding company, and the positions they occupy; (e) the name of each committee of the insurance holding company on which each director referred to in paragraph (a) serves; (f) the date of expiration of the term of each director referred to in paragraph (a); and (g) the name, address and date of appointment of the auditor of the insurance holding company. Changes (2) Where (a) any information relating to a director or auditor of an insurance holding company shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c), becomes inaccurate or incomplete, (b) a vacancy in the position of auditor of the insurance holding company occurs or is filled by another person, or (c) a vacancy on the board of directors of the insurance holding company occurs or is filled, the insurance holding company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 995
Copy of by-laws 995 An insurance holding company shall send to the Superintendent within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 996
Register for insurance holding company 996 (1) The Superintendent shall, in respect of each insurance holding company, cause a register to be maintained containing a copy of (a) the incorporating instrument of the insurance holding company; and (b) the information referred to in paragraphs 994(1)(a) and (c) to (g) contained in the latest return provided to the Superintendent under section 994. Form (2) The register may be maintained in (a) a bound or loose-leaf form or in a photographic film form; or (b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. Access (3) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it. Evidence (4) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 997
Production of information and documents 997 (1) The Superintendent may, by order, direct a person who controls an insurance holding company or any entity that is affiliated with an insurance holding company to provide the Superintendent with such information or documents that are specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to (a) determine whether the insurance holding company is complying with the provisions of this Act; (b) ascertain the financial condition of the insurance holding company; or (c) determine whether the insurance holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Time (2) Any person to whom a direction has been issued under subsection (1) shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time. Exemption (3) Subsection (1) does not apply in respect of an entity that controls an insurance holding company or is affiliated with an insurance holding company where that entity is a financial institution regulated (a) by or under an Act of Parliament; or (b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on such financial institutions. 2001, c. 9, s. 465 2023, c. 26, s. 599 2026, c. 3, s. 322
Insurance Companies Act — I-11.8 998
Confidential information 998 (1) All information regarding the business or affairs of an insurance holding company, or regarding a person dealing with an insurance holding company, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security, (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (c) to the Canada Deposit Insurance Corporation or any compensation association designated by order of the Minister pursuant to subsection 449(1), for purposes related to its operation, and (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. 2001, c. 9, s. 465 2026, c. 3, s. 323
Insurance Companies Act — I-11.8 999
Regulations 999 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by insurance holding companies of prescribed supervisory information. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 999.1
Evidentiary privilege 999.1 (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any prescribed supervisory information. Exceptions to subsection (1) (3) Despite subsection (1), (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and (b) an insurance holding company may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the insurance holding company, the Minister, the Superintendent or the Attorney General of Canada. Exceptions to subsections (1) and (2) (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act , a court, tribunal or other body may, by order, require the Minister, the Superintendent or an insurance holding company to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada or the insurance holding company. No waiver (5) The disclosure of any prescribed supervisory information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1). Regulations (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence. 2015, c. 36, s. 237
Insurance Companies Act — I-11.8 999.2
No waiver 999.2 (1) For greater certainty, the disclosure by an insurance holding company — or by a person who controls an insurance holding company or by an entity that is affiliated with an insurance holding company — to the Superintendent of any information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of advocates and notaries or to litigation privilege does not constitute a waiver of any of those privileges or that secrecy. No disclosure (2) The Superintendent shall not disclose any information referred to in subsection (1) to any person whose powers, duties or functions include (a) the investigation or prosecution of an offence under any Act of Parliament or of the legislature of a province; or (b) the investigation of, or conduct of proceedings in respect of, a violation under an Act referred to in paragraph (a). 2018, c. 27, s. 173
Insurance Companies Act — I-11.8 1000
Examination of insurance holding companies 1000 (1) The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and affairs of any insurance holding company that the Superintendent considers to be necessary or expedient to determine whether the insurance holding company is complying with the provisions of this Act and to ascertain the financial condition of the insurance holding company or to determine whether the insurance holding company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Access to records of insurance holding company (2) 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 an insurance holding company; and (b) may require the directors, officers or auditor of an insurance holding 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 insurance holding company or any entity in which it has a substantial investment. 2001, c. 9, s. 465 2023, c. 26, s. 600 2026, c. 3, s. 324
Insurance Companies Act — I-11.8 1001
Power of Superintendent on inquiry 1001 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. 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 1002
Prudential agreement 1002 The Superintendent may enter into an agreement, called a “prudential agreement”, with an insurance holding company for the purposes of implementing any measure designed to protect the interests of depositors, policyholders and creditors of any federal financial institution affiliated with it, establishing adequate policies and procedures to protect the insurance holding company against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures. 2001, c. 9, s. 465 2023, c. 26, s. 601 2026, c. 3, s. 325