Insurance Companies Act

Contents

7,578 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
2. Short Title
   1. 1 Short title
3. Part I · Interpretation and Application
   1. Definitions
   2. Interpretation
   3. Application
4. Part II · Status and Powers
   1. 15 Corporate powers
   2. 15.1 Policies and procedures — integrity or security
   3. 16 No invalidity
   4. 17 By-law not necessary
   5. 18 No personal liability
   6. 19 No constructive notice
   7. 20 Authority of directors and officers
   8. 21 Sunset provision
5. Part III · Incorporation, Continuance and Discontinuance
   1. Formalities of Incorporation
   2. Continuance
   3. Discontinuance
   4. Corporate Name
6. Part IV · Organization and Commencement
   1. Organization Meetings
   2. Commencement and Carrying on of Business
7. Part V · Capital Structure
   1. Share Capital
   2. Restrictions Specific to Shares of Mutual Companies
   3. Subordinated Indebtedness
   4. Security Certificates and Transfers
8. Part VI · Corporate Governance
   1. Division I — Shareholders and Policyholders
   2. Division I.1 — Proxies
   3. Division I.2 — Restrictions on Voting
   4. Division II — Directors and Officers
   5. Division III — Fundamental Changes
   6. Division IV — Head Office and Corporate Records
   7. Division V — Securities Registers
   8. Division VI — Corporate Name and Seal
   9. Division VII — [Repealed, 1997, c. 15, s. 230]
   10. Division VIII — Insiders
   11. Division IX — Prospectus
   12. Division IX.1 — Going-private Transactions and Squeeze-out Transactions
   13. Division X — Compulsory Acquisitions
   14. Division XI — Trust Indentures
   15. Division XII — Financial Statements
   16. Division XIII — Auditors
   17. Division XIV — Actuaries
   18. Division XV — Remedial Actions
   19. Division XVI — Liquidation and Dissolution
9. Part VII · Ownership
   1. Division I — Interpretation
   2. Division II — Constraints on Ownership
   3. Division III — Directions
10. Part VIII · Business and Powers
    1. General
    2. Classes of Insurance
    3. Segregated Funds
    4. Participating Policies
    5. Adjustable Policies
    6. Reinsurance
    7. Restrictions
    8. Restrictions Specific to Life Companies
    9. Restrictions Specific to Property and Casualty Companies and Marine Companies
    10. Borrowing Costs
    11. Complaints
    12. Miscellaneous
11. Part IX · Investments
    1. Definitions and Application
    2. General Constraints on Investments
    3. Subsidiaries and Equity Investments
    4. Exceptions and Exclusions
    5. Portfolio Limits
    6. Commercial Lending by Life Companies
    7. Consumer and Commercial Lending by Property and Casualty Companies and Marine Companies
    8. Real Property
    9. Equities
    10. Aggregate Limit
    11. Miscellaneous
12. Part X · Adequacy of Capital and Liquidity and Assets
    1. 515 Adequacy of capital and liquidity — companies and societies
    2. 516 [Repealed, 2007, c. 6, s. 240]
    3. 517 Notice of value
13. Part XI · Self-dealing
    1. Interpretation and Application
    2. Prohibited Related Party Transactions
    3. Permitted Related Party Transactions
    4. Restrictions on Permitted Transactions
    5. Disclosure
    6. Remedial Actions
14. Part XII · Fraternal Benefit Societies
    1. Interpretation
    2. Powers
    3. Corporate Governance
    4. Investments
    5. Liquidation and Dissolution of a Society
15. Part XIII · Foreign Companies
    1. Interpretation
    2. Application
    3. Insurance of Risks
    4. Classes of Insurance
    5. Segregated Funds
    6. Reinsurance
    7. Borrowing Costs
    8. Complaints
    9. Miscellaneous
    10. Adequacy of Assets
    11. Investments
    12. Self-dealing
    13. Actuaries
    14. Auditors
    15. Records
    16. Release of Assets
16. Part XIV · Provincial Companies
    1. Application
    2. Order to Commence and Carry on Business
    3. Duties of Directors
    4. Corporate Records
17. Part XV · Regulation of Companies, Societies, Foreign Companies and Provincial Companies — Superintendent
    1. Interpretation
    2. Supervision
    3. Remedial Powers
18. Part XVI · Regulation of Companies and Foreign Companies — Commissioner
    1. 693 Definition of société
    2. 694 Required information
    3. 695 Confidential information
    4. 696 Examination
    5. 697 Power of Commissioner on inquiry
    6. 698 Compliance agreement
19. Part XVII · Insurance Holding Companies
    1. Purpose
    2. Division 1 — Interpretation
    3. Division 2 — Status and Powers
    4. Division 3 — Incorporation, Continuance and Discontinuance
    5. Division 4 — Organization and Commencement
    6. Division 5 — Capital Structure
    7. Division 6 — Corporate Governance
    8. Division 7 — Ownership
    9. Division 8 — Business and Powers
    10. Division 9 — Investments
    11. Division 10 — Adequacy of Capital and Liquidity
    12. Division 11 — Regulation of Insurance Holding Companies
20. Part XVIII · Administration
    1. Notices and Other Documents
    2. Approvals
    3. Exceptions to Generally Accepted Accounting Principles
    4. Orders to Exempt or Adapt
    5. Orders and Directives
    6. Applications to Superintendent
    7. Applications for Certain Approvals
    8. Appeals
    9. Regulations
    10. Delegation
21. Part XIX · Sanctions
    1. 1023 Offence
    2. 1023.1 False or misleading information
    3. 1024 Undue preference to creditor
    4. 1025 Failure to provide information
    5. 1026 Use of name
    6. 1027 Punishment
    7. 1028 Liability of officers, directors, etc.
    8. 1029 Limitation period
    9. 1030 Effect of offence on contracts
    10. 1031 Compliance or restraining order
    11. 1032 Appeal of final order
    12. 1033 Recovery and application of fines
22. Part XX · Documents in Electronic or Other Form
    1. 1034 Definitions
    2. 1035 Application
    3. 1036 Use not mandatory
    4. 1037 Consent and other requirements
    5. 1038 Creation or provision of information
    6. 1039 Creation of information in writing
    7. 1040 Provision of information in writing
    8. 1041 Multiple copies
    9. 1042 Registered mail
    10. 1043 Statutory declarations and affidavits
    11. 1044 Signatures
    12. 1045 Regulations — provision and receipt of documents
    13. 1046 Content and form of notices and documents
    14. 1047 Exemption
23. Classes of Insurance (Section 12)
24. Related provisions
25. Amendments not in force