Insurance Companies Act — I-11.8 349
349 (1) On the first day on which both subsections 331 (1) and 344 (1) of this Act are in force, subsection 495(2.1) of the Insurance Companies Act , as enacted by that subsection 344 (1), is renumbered as subsection 495(2.01) and, if necessary, is repositioned accordingly. (2) On the first day on which both subsections 331 (2) and 344 (3) of this Act are in force, subparagraphs 495(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following: (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 493(2), paragraph 493(3)(b) or (c) or subsection 493(4), (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or (3) On the first day on which both subsection 331 (1) and section 345 of this Act are in force, paragraph 501(e) of the Insurance Companies Act is replaced by the following: (e) for the purposes of subsection 495(2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a life company. (4) On the first day on which both subsections 335 (1) and 346 (1) of this Act are in force, subsection 554(2.1) of the Insurance Companies Act , as enacted by that subsection 346 (1), is renumbered as subsection 554(2.01) and, if necessary, is repositioned accordingly. (5) On the first day on which both subsections 335 (2) and 346 (3) of this Act are in force, subparagraphs 554(3)(d)(ii) and (iii) of the Insurance Companies Act are replaced by the following: (ii) in the case of an entity, other than a permitted infrastructure entity, that is not controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (1), (2), (2.01) or (2.1) or 552(2) or paragraph 552(3)(b) or (c), or (iii) in the case of a permitted infrastructure entity, whether or not that entity is controlled by the society, the society itself would be permitted to acquire a substantial investment in the other entity under subsection (2.01); or (6) On the first day on which both subsections 335 (3) and 346 (4) of this Act are in force, subsection 554(5) of the Insurance Companies Act is replaced by the following: Minister’s approval (5) Subject to the regulations, a society may not, without the prior written approval of the Minister, acquire control of, or acquire or increase a substantial investment in, a permitted entity other than a permitted infrastructure entity, an entity whose activities are limited to acquiring or holding shares of, or ownership interests in, permitted infrastructure entities, an entity that a society may acquire control of, or acquire or increase a substantial investment in, under subsection (2.1) or an entity whose activities are limited to activities that a property and casualty company is permitted to engage in under paragraph 441(1)(c.1) or (d). (7) On the first day on which both subsections 335 (1) and 346 (5) of this Act are in force, paragraph 554(9)(c) of the Insurance Companies Act is replaced by the following: (c) for the purposes of subsection (2.01), establishing terms and conditions respecting the acquisition of control of, or the acquisition or increase of a substantial investment in, a permitted infrastructure entity by a society. (8) On the first day on which both subsections 337 (1) and 347 (1) of this Act are in force, subsection 971(2.1) of the Insurance Companies Act , as enacted by that subsection 347 (1), is renumbered as subsection 971(2.01) and, if necessary, is repositioned accordingly. (9) On the first day on which both subsections 337 (2)