PART XVII INVESTMENTS
Interpretation
436 (1) In this section, “changeover date” has the same meaning as in section 431.1; (“date de changement”) “old investment rules” has the same meaning as in section 431.1. (“anciennes règles de placement”)  2006, c. 33, Sched. O, s. 15. Existing loans and investments (2) Nothing in this Part or in the regulations requires an insurer to, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 436 (2) of the Act is amended by striking out “the regulations” in the portion before clause (a) and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 53 (1)) (a)  terminate a loan made before its changeover date; (b)  terminate a loan made on or after its changeover date as a result of a commitment made before that day; (c)  dispose of an investment made before its changeover date; or (d)  dispose of an investment made on or after its changeover date as a result of a commitment made before that day.  2006, c. 33, Sched. O, s. 15. Requirements re existing loans, investments (3) Every insurer is, in respect of a loan or investment referred to in subsection (2), subject to the old investment rules.  2006, c. 33, Sched. O, s. 15. No increase to existing loans, investments (4) Despite subsection (2), if a loan or investment described in that subsection would be precluded or limited by this Part, the amount of the loan or investment may not be increased on or after the insurer’s changeover date.  2006, c. 33, Sched. O, s. 15. Exception – substantial investments (5) Despite subsection (4), if an insurer held an investment before its changeover date that is a substantial investment, the insurer may increase that substantial investment on or after its changeover date as a result of an acquisition permitted under subsection 435.3 (1), 435.4 (1) or 435.6 (1).  2006, c. 33, Sched. O, s. 15. Required disposition (6) Except as otherwise provided in the regulations, if an insurer increases an investment as described in subsection (5), the insurer shall do all things necessary to ensure that its investment in the relevant entity is no greater than it was on its changeover date, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 436 (6) of the Act is amended by striking out “the regulations” in the portion before clause (a) and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 53 (2)) (a)  in respect of an acquisition permitted under subsection 435.3 (1) or 435.4 (1), at the end of five years after acquiring the shares or ownership interests; (b)  in respect of an acquisition permitted under subsection 435.6 (1), at the end of two years after acquiring the shares or ownership interests.  2006, c. 33, Sched. O, s. 15. Same (7) The Chief Executive Officer may on such terms and conditions as he or she considers appropriate, extend the period of time that would otherwise apply under subsection (6).  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (45, 46) - 10/10/1997; 1999, c. 6, s. 31 (13) - 01/03/2000 2005, c. 5, s. 35 (18) - 09/03/2005 2006, c. 33, Sched. O, s. 15 - 05/05/2008 2017, c. 34, Sched. 21, s. 53 (1, 2) - not in force 2018, c. 8, Sched. 13, s. 22 - 08/06/2019; CTS 04 SE 18 - 1 Investments, value and formal requirements