jswizzle3737/ontario_laws_and_regs huggingface dataset:
Definitions
1. In this Regulation, “ancillary business corporation” means a corporation incorporated to carry on any business, other than a business activity referred to in clauses 433 (8) (a) to (f) of the Act, that is reasonably ancillary to the business of insurance; “annual statement” means the statement required by section 102 of the Act; “equity share” means a share of any class of shares of a corporation to which are attached voting rights exercisable in all circumstances and a share of any class of shares to which are attached voting rights by reason of the occurrence of any contingency that has occurred and is continuing; “fire and casualty corporation” means a corporation incorporated under the laws of Canada or any province of Canada to undertake contracts of insurance other than contracts of life insurance; “foreign life corporation” means a corporation incorporated outside Canada to undertake contracts of life insurance; “life company” means an insurer incorporated and licensed under the laws of Ontario to transact the business of life insurance; “mutual fund corporation” means a corporation incorporated to offer public participation in an investment portfolio through the issue of one or more classes of mutual fund shares; “real estate corporation” means a corporation incorporated to acquire, hold, maintain, improve, lease or manage real estate or leaseholds or act as agent or broker in the sale or purchase of real estate or leaseholds; “service corporation” means a corporation incorporated to provide, (a) a life company or a foreign life corporation with advisory, management or sales distribution services in respect of life insurance contracts or annuities the reserves for which vary in amount depending on the market value of a specified group of assets maintained in a separate and distinct fund, or (b) a mutual fund corporation with advisory, management or sales distribution services. R.R.O. 1990, Reg. 671, s. 1.
Definitions
2. For the purpose of this Regulation, (a) a life company shall be deemed to control a corporation if the life company owns shares of the corporation carrying more than 50 per cent of the votes for the election of directors, other than by way of security only or owns, directly or indirectly, more than 50 per cent of the total number of issued and outstanding equity shares of the corporation; and (b) a life company and one or more other life companies shall be deemed to control a corporation if all the life companies together own shares of the corporation carrying more than 50 per cent of the votes for the election of directors, other than by way of security or own, directly or indirectly, more than 50 per cent of the total number of the issued and outstanding equity shares of the corporation. R.R.O. 1990, Reg. 671, s. 2. Foreign Life Corporation Shares
Mutual Fund Corporation Shares
6. (1) The terms and conditions under which a life company may, under clause 433 (8) (e) of the Act, invest its funds in the fully paid shares of a mutual fund corporation, the investment portfolio of which is restricted to investments and loans made and held subject to the same limitations and conditions as are applicable to investments and loans made by the life company by virtue of section 433 of the Act, other than subsection (8) thereof, are as follows, (a) a life company shall not make an investment in the shares of a mutual fund corporation unless the investment portfolio in which the mutual fund corporation offers participation is managed by the life company or a corporation controlled by the life company; (b) before an investment is made in the shares of a mutual fund corporation, the life company shall furnish the Superintendent with such information as he or she may require relating to the proposed investment and, where that investment is in the shares of an existing corporation, the life company shall file with the Superintendent a certified copy of the instrument of incorporation, by-laws and most recent financial statement of that corporation; (c) the life company shall deposit with the Superintendent, within two weeks after making an investment in the shares of a mutual fund corporation, an undertaking by the company or the corporation managing the investment portfolio of the mutual fund corporation that, while the life company holds an investment in the shares of the mutual fund corporation, the company or corporation managing the investment portfolio will, (i) provide the Superintendent with copies of the financial statements of the mutual fund corporation and such other information concerning the affairs of that corporation as the Superintendent may from time to time request, and (ii) not invest the funds of the mutual fund corporation, (A) in any investment that the life company is prohibited from making by section 436 of the Act, or (B) in more than 10 per cent of the common shares of any corporation except with the approval of the Superintendent; and (d) the life company shall from time to time at the request of the Superintendent submit such information as he or she may require as evidence that the company or corporation managing the investment portfolio is complying with the undertaking referred to in clause (c). R.R.O. 1990, Reg. 671, s. 6 (1). (2) The terms and conditions under which a life company may, under clause 433 (8) (e) of the Act, invest its funds in the fully paid shares of a mutual fund corporation other than a mutual fund corporation referred to in subsection (1) are as follows, (a) the terms and conditions set out in clauses (1) (a), (b), (c) and (d); and (b) the total market value of the investments held by a life company in the shares of a mutual fund corporation other than a mutual fund corporation referred to in subsection (1), under clause 433 (8) (e) of the Act, shall not at any time exceed one-third of 1 per cent of the book value of the total assets of the life company. R.R.O. 1990, Reg. 671, s. 6 (2). Service Corporation Shares