GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Insurance Companies Act — I-11.8 683
Powers of directors and officers suspended 683 (1) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d), the powers, duties, functions, rights and privileges of the directors of the company, society or provincial company and of the officers of the company, society or provincial company responsible for its management are suspended. Superintendent to manage company (2) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d), the Superintendent shall manage the business and affairs of the company, society or provincial company and in so doing the Superintendent (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control. Persons to assist (3) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph (1.21)(d), or of the assets of a foreign company under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c), the Superintendent may appoint one or more persons to assist in the management of the company, society or provincial company or of the insurance business in Canada of the foreign company. 1991, c. 47, s. 683; 1996, c. 6, s. 97 2023, c. 26, s. 592
Insurance Companies Act — I-11.8 684
Expiration of control 684 (1) Control by the Superintendent under subsection 679(1) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada expires on the day on which a notice by the Superintendent is sent to (a) the directors and officers who conducted the business and affairs of the company, society or provincial company, or (b) the chief agent in Canada of the foreign company, stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the company, society or provincial company or the foreign company, as the case may be, can resume control of its business and affairs, assets or its insurance business in Canada, as the case may be. Expiration of control — Minister’s direction (2) Control by the Superintendent under subsection 679(1.21) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the company, society or provincial company, or the chief agent in Canada of the foreign company, stating that the Minister is of the opinion, on the recommendation of the Superintendant, that corrective measures have been taken in response to the reasons related to national security and that the company, society or provincial company or the foreign company, as the case may be, can resume control of its business and affairs, assets or its insurance business in Canada, as the case may be. 1991, c. 47, s. 684; 1996, c. 6, s. 97 2023, c. 26, s. 593
Insurance Companies Act — I-11.8 684.1
Superintendent may request winding-up 684.1 The Superintendent may, at any time before the receipt of a request under section 685 to relinquish control of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of (a) the company, society or provincial company, if the assets of the company, society or provincial company are under the control of the Superintendent under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c); (b) the insurance business in Canada of the foreign company, if the assets in Canada of the foreign company together with its other assets referred to in subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c) are under the control of the Superintendent under those subparagraphs or paragraphs; or (c) the company, society or provincial company, if it is under the control of the Superintendent under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d). 1996, c. 6, s. 97 2023, c. 26, s. 594
Insurance Companies Act — I-11.8 685
Requirement to relinquish control 685 If no action has been taken by the Superintendent under section 684.1 and, after 30 days following the taking of control by the Superintendent under subsection 679(1) or (1.21) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada, the Superintendent receives from the board of directors of the company, society or provincial company or, in case of a foreign company, its chief agent, a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice, (a) comply with the request; or (b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the company, society or provincial company or the insurance business in Canada of the foreign company. 1991, c. 47, s. 685; 1996, c. 6, s. 97 2023, c. 26, s. 595(E)
Insurance Companies Act — I-11.8 686
Superintendent to ascertain amounts 686 (1) The Superintendent shall, before December 31 in each year, (a) ascertain the total amount of expenses incurred during the immediately preceding fiscal year in (i) exercising control of a company, society or provincial company, (ii) exercising control of the assets of a foreign company under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c), (iii) carrying out as liquidator the winding-up of a company, society or provincial company or of the insurance business in Canada of a foreign company, including amounts paid as interest charges on money borrowed by or on behalf of the company, society or provincial company to meet its requirements for liquid funds or as the cost of terminating leases or employment contracts or other similar expenses; and (b) ascertain the portion of the expenses described in paragraph (a) that were incurred by the company, society, foreign company or provincial company in respect of its policies of accident and sickness insurance, its policies of life insurance and annuity and its other policies by multiplying those expenses by A/D, B/D and C/D, respectively, where A, B and C represent the total of the gross premium income of the company, society, foreign company or provincial company, as determined by the Superintendent, in respect of (i) its policies of accident and sickness insurance, (ii) its policies of life insurance and annuities, and (iii) its other policies, respectively, during the period referred to in the description of D, and D represents the total of the gross premium income of the company, society, foreign company or provincial company, as determined by the Superintendent, during the period of five calendar years preceding the first to occur of the calendar year in which the Superintendent took control of the company, society or provincial company, or in the case of a foreign company, the assets, and that in which a winding-up order was issued in respect of the company, society, foreign company or provincial company. Amounts conclusive (2) The amounts ascertained by the Superintendent pursuant to subsection (1) are final and conclusive for the purposes of this section and sections 687 and 688. 1991, c. 47, s. 686; 1996, c. 6, s. 98; 2007, c. 6, s. 307 2023, c. 26, s. 596
Insurance Companies Act — I-11.8 687
Assessment 687 As soon as possible after ascertaining the portions described in paragraph 686(1)(b), the Superintendent shall, subject to this section and to the extent and in the manner that the Governor in Council may prescribe, assess those portions against each company, society, foreign company and provincial company, other than the company, society, foreign company or provincial company in respect of which the expenses were incurred, in the following proportion: A/B where A represents the net premiums during the immediately preceding calendar year of the company, society, foreign company or provincial company from (i) policies of accident and sickness insurance, (ii) policies of life insurance and annuities, or (iii) other policies; and B represents the total net premiums during the immediately preceding calendar year of all companies, societies, foreign companies and provincial companies, other than the company, society, foreign company or provincial company in respect of which the expenses were incurred, from (i) policies of accident and sickness insurance, (ii) policies of life insurance and annuities, or (iii) other policies. 1991, c. 47, s. 687; 2007, c. 6, s. 308
Insurance Companies Act — I-11.8 688
Application of certain provisions of the Office of the Superintendent of Financial Institutions Act 688 (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687. Definitions (2) In this section and sections 686 and 687, gross premium income of a company, society, foreign company or provincial company means its premium income from its insurance business in Canada calculated without reduction in respect of reinsurance premiums paid or payable; ( produit brut ) net premiums of a company, society, foreign company or provincial company means its gross premium income less (a) premiums paid or payable in respect of the reinsurance of risks undertaken under its policies in respect of its insurance business in Canada, and (b) dividends paid or allowed by it to its policyholders in respect of its insurance business in Canada. ( primes nettes ) special insurance [Repealed, 2007, c. 6, s. 309] 1991, c. 47, s. 688; 1997, c. 15, s. 327; 2007, c. 6, s. 309
Insurance Companies Act — I-11.8
gross premium income of a company, society, foreign company or provincial company means its premium income from its insurance business in Canada calculated without reduction in respect of reinsurance premiums paid or payable; ( produit brut )
Insurance Companies Act — I-11.8 (a)
net premiums of a company, society, foreign company or provincial company means its gross premium income less (a) premiums paid or payable in respect of the reinsurance of risks undertaken under its policies in respect of its insurance business in Canada, and (b) dividends paid or allowed by it to its policyholders in respect of its insurance business in Canada. ( primes nettes )
Insurance Companies Act — I-11.8
special insurance [Repealed, 2007, c. 6, s. 309]
Insurance Companies Act — I-11.8 689
Advisory committee 689 (1) The Superintendent may, from among the companies, societies, foreign companies and provincial companies that are subject to an assessment under section 687 on account of the control of a company, society or provincial company or control of the assets of a foreign company, appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising that control. (2) [Repealed, 1996, c. 6, s. 99] 1991, c. 47, s. 689; 1996, c. 6, s. 99
Insurance Companies Act — I-11.8 691
Expenses payable by company, etc. 691 (1) If the Superintendent has taken control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d) and the control expires or is relinquished under section 684 or paragraph 685(a), the Superintendent may direct that the company, society or provincial company be liable for repayment of all or part of the expenses resulting from the taking of control of the company, society or provincial company and assessed against and paid by other companies, societies, provincial companies and foreign companies under section 687, together with any interest in respect of the expenses at any rate that is specified by the Superintendent. Expenses payable by foreign company (2) If the Superintendent has taken control of the assets of a foreign company under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c) and the control expires or is relinquished under section 684 or paragraph 685(a), the Superintendent may direct that the foreign company be liable for repayment of all or part of the expenses resulting from the taking of control of the assets of the foreign company and assessed against and paid by other companies, societies, foreign companies and provincial companies under section 687, together with any interest in respect of the expenses at any rate that is specified by the Superintendent. 1991, c. 47, s. 691; 1996, c. 6, s. 101 2023, c. 26, s. 597(E)
Insurance Companies Act — I-11.8 692
Reduction of assessments 692 Any amount paid to or recovered by Her Majesty under section 691 of this Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be applied to the extent and the manner that may be prescribed. 1991, c. 47, s. 692; 1996, c. 6, s. 167; 1997, c. 15, s. 328; 2001, c. 9, s. 464(F)
Insurance Companies Act — I-11.8 693
Definition of société 693 In the French version of this Part, société means a société or société étrangère within the meaning of section 2. 1991, c. 47, s. 693; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 694
Required information 694 A company or foreign company shall provide the Commissioner with the information at the times and in the form that the Commissioner may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions. 1991, c. 47, s. 694; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 695
Confidential information 695 (1) Subject to subsection (2), information regarding the business or affairs of a company or foreign company or regarding persons dealing with any of them that is obtained by the Commissioner or by any person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions referred to in subsection 5(1) of the Financial Consumer Agency of Canada Act , and any information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (c) to any compensation association designated by order of the Minister under subsection 449(1) or 591(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. 1991, c. 47, s. 695; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 696
Examination 696 (1) The Commissioner, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister. Access to records (2) The Commissioner or a person acting under the Commissioner’s direction in carrying out his or her duties under subsection (1) (a) has a right of access to any records, including electronic records, of a company or foreign company; and (b) may require the directors or officers of a company or foreign company to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under subsection (1). 1991, c. 47, s. 696; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 697
Power of Commissioner on inquiry 697 The Commissioner, in carrying out his or her duties in relation to consumer provisions, 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 Commissioner’s direction. 1991, c. 47, s. 697; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 698
Compliance agreement 698 The Commissioner may enter into an agreement, called a “compliance agreement”, with a company or foreign company for the purposes of implementing any measure designed to further compliance by it with the consumer provisions. 1991, c. 47, s. 698; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 699
Purpose 699 The purpose of this Part is to provide for the incorporation, formation and regulation of insurance holding companies that are holding bodies corporate of life companies. 1991, c. 47, s. 699; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 700
Definitions 700 (1) The following definitions apply in this Part. affairs , with respect to an insurance holding company, means the relationships among the insurance holding company and its affiliates and the shareholders, directors and officers of the insurance holding company and its affiliates, but does not include the business of the insurance holding company or any of its affiliates. ( affaires internes ) complainant , in relation to an insurance holding company or any matter concerning an insurance holding company, means (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of the insurance holding company or any of its affiliates; (b) a director or an officer, or a former director or officer, of the insurance holding company or any of its affiliates; or (c) any other person who, in the discretion of a court, is a proper person to make an application under section 912, 916 or 1031. ( plaignant ) subordinated indebtedness means an instrument evidencing an indebtedness of an insurance holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the insurance holding company, be subordinate in right of payment to all liabilities of the insurance holding company except those liabilities that, by their terms, rank equally with or are subordinate to such indebtedness. ( titre secondaire ) Provisions in other Parts (2) A reference in a provision in this Part to a provision in any other Part is deemed to be a reference to that provision as it has been made applicable by this Part in respect of insurance holding companies. References in other Parts (3) A reference in a provision of another Part to a provision that has been made applicable in respect of insurance holding companies by this Part is to be read as including a reference to that provision as it has been made applicable in respect of insurance holding companies. 1991, c. 47, s. 700; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8
affairs , with respect to an insurance holding company, means the relationships among the insurance holding company and its affiliates and the shareholders, directors and officers of the insurance holding company and its affiliates, but does not include the business of the insurance holding company or any of its affiliates. ( affaires internes )
Insurance Companies Act — I-11.8 (a)
complainant , in relation to an insurance holding company or any matter concerning an insurance holding company, means (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of the insurance holding company or any of its affiliates; (b) a director or an officer, or a former director or officer, of the insurance holding company or any of its affiliates; or (c) any other person who, in the discretion of a court, is a proper person to make an application under section 912, 916 or 1031. ( plaignant )
Insurance Companies Act — I-11.8
subordinated indebtedness means an instrument evidencing an indebtedness of an insurance holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the insurance holding company, be subordinate in right of payment to all liabilities of the insurance holding company except those liabilities that, by their terms, rank equally with or are subordinate to such indebtedness. ( titre secondaire )
Insurance Companies Act — I-11.8 701
Corporate powers 701 (1) An insurance holding company has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person. Powers restricted (2) An insurance holding company shall not carry on any business or exercise any power that it is restricted by this Act from carrying on or exercising, or exercise any of its powers in a manner contrary to this Act. Business in Canada (3) An insurance holding company may carry on business throughout Canada. Powers outside Canada (4) Subject to this Act, an insurance holding company has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside Canada to the extent and in the manner that the laws of that jurisdiction permit. 1991, c. 47, s. 701; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 701.1
Policies and procedures — integrity or security 701.1 An insurance holding company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security, including foreign interference. 2023, c. 26, s. 598
Insurance Companies Act — I-11.8 702
No invalidity 702 No act of an insurance holding company, including any transfer of property to or by an insurance holding company, is invalid by reason only that the act or transfer is contrary to the insurance holding company’s incorporating instrument or this Act. 1991, c. 47, s. 702; 1996, c. 6, s. 102; 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 703
By-law not necessary 703 It is not necessary for an insurance holding company to pass a by-law in order to confer any particular power on the insurance holding company or its directors. 1991, c. 47, s. 703; 1996, c. 6, s. 103; 1997, c. 15, s. 330; 1999, c. 31, s. 145(F); 2001, c. 9, s. 465
Insurance Companies Act — I-11.8 704
No personal liability 704 The shareholders of an insurance holding company are not, as shareholders, liable for any liability, act or default of the insurance holding company except as otherwise provided by this Act. 1991, c. 47, s. 704; 2001, c. 9, s. 465