PART XVII INVESTMENTS
Authorized investments
435.6 (1) Subject to subsection (2), an insurer may acquire, hold or increase a substantial investment in an entity,  (a)  with the approval of the Chief Executive Officer, in payment or part payment for securities sold by the insurer or a subsidiary of the insurer; (b)  with the approval of the Chief Executive Officer, under an arrangement made in good faith for the reorganization of a corporation whose securities were previously owned by the insurer or a subsidiary of the insurer; (c)  with the approval of the Chief Executive Officer, under an amalgamation where one of the amalgamating parties is a corporation whose securities were previously owned by the insurer or a subsidiary of the insurer; (d)  with the approval of the Chief Executive Officer, for the purpose of protecting the investments of the insurer or a subsidiary of the insurer; (e)  on an amalgamation of the insurer with another insurer or by virtue of the purchase by the insurer of the assets of another insurer as permitted under this Act or the regulations; or (f)  in such other circumstances as may be prescribed by the regulations.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, clause 435.6 (1) (f) of the Act is amended by striking out “the regulations” at the end and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 44 (1)) Required disposition (2) If an insurer acquires or increases a substantial investment in an entity in accordance with subsection (1), the insurer shall do all things necessary to ensure that the insurer does not have a substantial investment in the entity at the end of two years after acquiring it.  2006, c. 33, Sched. O, s. 15. Same (3) 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 (2).  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Exceptions (4) Subsection (2) does not apply, (a)  in such circumstances as may be prescribed by the regulations; or Note: On a day to be named by proclamation of the Lieutenant Governor, clause 435.6 (4) (a) of the Act is amended by striking out “the regulations” at the end and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 44 (2)) (b)  if the insurer would be entitled to acquire or increase the substantial investment under section 435.1 or 435.2 or the regulations and the insurer obtains the approval of the Chief Executive Officer before the date on which the insurer would otherwise be required to take action under subsection (2).  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Criteria (5) In determining whether to give an approval under clause (1) (a), (b), (c) or (d) or clause (4) (b), the Chief Executive Officer shall consider such criteria as are set out in the regulations.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Conditions (6) If the Chief Executive Officer gives an approval referred to in subsection (5), he or she may specify that the approval is subject to any terms or conditions that he or she considers appropriate in the circumstances.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 15 - 05/05/2008 2017, c. 34, Sched. 21, s. 44 (1, 2) - not in force 2018, c. 8, Sched. 13, s. 22 - 08/06/2019; CTS 04 SE 18 - 1 Portfolio and Lending Limits