608. (1) A foreign company shall, in relation to its insurance risks in Canada, maintain an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity and shall comply with any regulations in relation to an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity.

(2) For the purposes of subsection (1), the liabilities in Canada of a foreign company include the reserve included in the annual return required under subsection 665(2).

(3) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(a).

(4) Notwithstanding that a foreign company is complying with regulations made under paragraph 610(1)(a) or guidelines made under subsection (3), the Superintendent may, by order, direct the foreign company to increase the margin of its assets in Canada over its liabilities in Canada or to provide additional liquidity in the forms and the amounts that the Superintendent requires.

(5) A foreign company shall comply with an order made under subsection (4) within the time that the Superintendent specifies in the order.

1991, c. 47, s. 608; 1996, c. 6, s. 87; 2001, c. 9, s. 446.

609. (1) A foreign company shall, in relation to each class of insurance risks in Canada that it is permitted to insure, maintain, in accordance with the regulations, assets in Canada the total value of which shall be determined in accordance with the regulations.

(1.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(b).

(2) Notwithstanding that a foreign company is complying with regulations made under paragraph 610(1)(b) or guidelines made under subsection (1.1), the Superintendent may, by order, direct the foreign company to increase its assets in Canada.

(3) A foreign company shall comply with an order made under subsection (2) within such time as the Superintendent specifies therein.

1991, c. 47, s. 609; 1996, c. 6, s. 88.

610. (1) The Governor in Council may make regulations

(a) respecting the maintenance by foreign companies of an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity;

(b) respecting the maintenance by foreign companies of assets in Canada of a particular value, which regulations may make special provision for associations and exchanges;

(c) prescribing rules for determining the value, location and protection of the assets of foreign companies;

(d) governing the determination of the reserves to be included in the liabilities of foreign companies;

(e) determining the method of calculating the value of interests of foreign companies in real property for the purposes of section 618; and

(f) prescribing anything that is required or authorized by this Part to be prescribed.

(2) A regulation made pursuant to paragraph (1)(b) may provide that the Superintendent may, by order, determine the matters or exercise the discretion that the regulations may specify.

1991, c. 47, s. 610; 2001, c. 9, s. 447(E).

611. (1) The assets that a foreign company is required to maintain in Canada under sections 608 and 609 and the regulations made under section 610 must be vested in trust in a Canadian financial institution chosen by the foreign company.

(2) No Canadian financial institution may be appointed as trustee if at the time of the appointment there is a material conflict of interest between the Canadian financial institution’s role as trustee and any other of its roles.

(3) A trust deed must be approved by the Superintendent before it is entered into.

(4) The Superintendent shall determine the value at which assets shall be accepted for the purposes of this Part.

(5) The trustee of a foreign company may deal with the assets in Canada in any manner provided for in the trust deed, but in such a way that the value for the purposes of this Part of the assets in Canada does not fall below that required by this Part.

1991, c. 47, s. 611; 2001, c. 9, s. 448.

612. (1) A foreign company may not vest in trust

(a) securities issued by or debt obligations of the foreign company or one of its affiliates;

(b) real property, or ground rents or mortgages on real property, situated outside Canada;

(c) shares or ownership interests, however designated, in any entity in such number as would constitute a substantial investment in that entity without regard to any shares or ownership interests held by any other entity; or

(d) a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 75 per cent of the value of the property at the time of the loan.

(2) Notwithstanding paragraphs (1)(a) and (c), a foreign company may vest in trust a substantial investment in the shares of a real property corporation, as defined in subsection 490(1).

(3) Notwithstanding paragraph (1)(d), a foreign company may vest in trust

(a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or pursuant to which a different limit on the value of property on the security of which the foreign company may make a loan is established;

(b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent; or

(c) securities issued or guaranteed by an entity that are secured on any residential property, whether in favour of a trustee or otherwise, or a loan made by the foreign company to the entity against the issue of such securities.

1991, c. 47, s. 612; 1993, c. 34, s. 85(E); 1997, c. 15, s. 315.

613. In sections 615 to 620, “commercial loan” has the same meaning as in Part IX.

614. (1) Sections 612 and 615 to 620 do not apply in respect of assets of a segregated fund maintained pursuant to section 593.

(2) A reference in sections 615 to 620 to the assets in Canada or the liabilities in Canada of a foreign company does not include

(a) assets of a segregated fund maintained pursuant to section 593; or

(b) liabilities of the foreign company for the policies and amounts in respect of which such a fund is maintained.

615. (1) A foreign company shall, in respect of its assets in Canada, establish and adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return.

(2) A foreign company to which subsection 573(4) applies shall, during the period of ninety days following the coming into force of this Part, file with the Superintendent a certified copy of a resolution of its board of directors establishing the investment and lending policies, standards and procedures referred to in subsection (1).

616. (1) The total accepted value of commercial loans vested in trust by a foreign life company for the classes of life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed the prescribed percentage of the value of the assets in Canada for those classes.

(2) The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign life company for the classes of insurance other than life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed the prescribed percentage of the value of the assets in Canada for those classes.

617. The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign property and casualty company shall not at any time exceed the prescribed percentage of the value of the assets in Canada.

618. (1) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed 15 per cent of the value of the assets in Canada for those classes.

(2) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of insurance other than life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed 10 per cent of the value of the assets in Canada for those classes.

(3) The total accepted value of interests in real property vested in trust by a foreign property and casualty company shall not at any time exceed 10 per cent of the value of the assets in Canada.

619. (1) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed 25 per cent of the value of the assets in Canada for those classes.

(2) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign life company for the classes of insurance other than life insurance and accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance shall not at any time exceed 25 per cent of the value of the assets in Canada for those classes.

(3) The total accepted value of the participating shares, within the meaning of Part IX, of any body corporate and any ownership interests, howsoever designated, in any unincorporated entities vested in trust by a foreign property and casualty company shall not at any time exceed 25 per cent of the value of the assets in Canada.

620. The aggregate value of each of the following total accepted values, namely,

(a) the total accepted values referred to in subsections 618(1) and 619(1),

(b) the total accepted values referred to in subsections 618(2) and 619(2), and

(c) the total accepted values referred to in subsections 618(3) and 619(3),

shall not at any time exceed the respective prescribed percentage of the value of the assets in Canada.

621. A foreign company shall not vest in trust any asset in accordance with this Part if the asset was acquired through a transaction that at the time of acquisition would be prohibited for a company pursuant to section 521.

622. A foreign company may vest in trust an asset if the asset was acquired through a transaction described in sections 522 to 533 and

(a) the transaction was entered into on terms and conditions that are at least as favourable to the foreign company as market terms and conditions, as defined in subsection 534(2); and

(b) the foreign company files a notice of the vesting with the Superintendent on vesting the asset in trust.

1991, c. 47, s. 622; 1997, c. 15, s. 316.

623. (1) A foreign company that is required by this Act to provide the Superintendent with the report of an actuary shall without delay appoint a person to be the actuary of the foreign company for its insurance business in Canada.

(2) A foreign company shall, forthwith after the appointment of an actuary of the foreign company, notify the Superintendent in writing of the appointment.

1991, c. 47, s. 623; 1997, c. 15, s. 317.

624. [Repealed, 1997, c. 15, s. 318]

624.1 (1) The chief agent of a foreign company may not be appointed as or hold the position of actuary of the foreign company unless authorized in writing by the Superintendent.

(2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day.

1996, c. 6, s. 88.1.

625. (1) A foreign company may revoke the appointment of the actuary of the foreign company.

(2) A foreign company shall, forthwith after the revocation of the appointment of the actuary of the foreign company, notify the Superintendent in writing of the revocation.

626. (1) A person ceases to hold office as the actuary of a foreign company when

(a) the person resigns as actuary of the foreign company;

(b) the person ceases to be an actuary;

(c) the person dies; or

(d) the appointment of the person as actuary of the foreign company is revoked by the foreign company.

(2) The resignation of an actuary of a foreign company becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later.

(3) Where a vacancy occurs in the office of actuary of a foreign company, the foreign company shall forthwith notify the Superintendent in writing of the vacancy and fill the vacancy.

1991, c. 47, s. 626; 1997, c. 15, s. 319.

627. (1) An actuary of a foreign company who resigns or whose appointment is revoked shall submit to the chief agent of the foreign company and the Superintendent a written statement of the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the actuary’s appointment was revoked.

(2) Where an actuary of a foreign company resigns or the appointment of an actuary of a foreign company is revoked, no person shall accept an appointment or consent to be appointed as actuary of the foreign company before requesting and receiving from the other actuary the written statement referred to in subsection (1).

(3) A person may accept an appointment or consent to be appointed as actuary of a company if no reply is received from the other actuary within fifteen days after a request under subsection (2) is made.

(4) Unless subsection (3) applies, an appointment as actuary of a company is void if subsection (2) is not complied with.

628. (1) On the request of the actuary of a foreign company, the present or former directors, chief agents, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so,

(a) permit access to such records held by the foreign company, and

(b) provide such information and explanations

as are, in the opinion of the actuary, necessary to enable the actuary to perform the duties of actuary of the foreign company.

(2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.

629. (1) The actuary of a foreign company shall value

(a) the actuarial and other policy liabilities of the foreign company with respect to its insurance business in Canada as at the end of a financial year; and

(b) any other matters specified in any direction that may be made by the Superintendent.

(2) An actuary’s valuation shall be in accordance with generally accepted actuarial practice with such changes as may be determined by the Superintendent and any additional directions that may be made by the Superintendent.

629.1 (1) The Superintendent may appoint an actuary to value the matters referred to in paragraph 629(1)(a) or (b) in relation to a foreign company if the Superintendent is of the opinion that the appointment is necessary. That actuary may not be an actuary of the foreign company.

(2) The expenses incurred in carrying out a valuation under subsection (1) are payable by the foreign company on being approved in writing by the Superintendent.

1996, c. 6, s. 89; 1997, c. 15, s. 320.

630. The actuary of a foreign company shall meet with the chief agent of the foreign company at least once during each financial year in order to report, in accordance with generally accepted actuarial practice, on the financial position of the insurance business in Canada of the foreign company, and, where a direction that may be made by the Superintendent so specifies, the expected future financial condition of the foreign company as it affects its insurance business in Canada.

1991, c. 47, s. 630; 1997, c. 15, s. 321.

631. (1) The actuary of a foreign company shall report in writing to the chief agent of the foreign company any matters that have come to the actuary’s attention in the course of carrying out the duties of the actuary and that in the actuary’s opinion have material adverse effects on the financial condition of the foreign company with respect to its insurance business in Canada and require rectification.

(2) An actuary of a foreign company who makes a report under subsection (1) shall forthwith provide a copy of it to the directors of the foreign company and to any person designated by them as responsible for the insurance business in Canada of the foreign company.

(3) Where, in the opinion of the actuary of the foreign company, suitable action is not taken to rectify the matters referred to in subsection (1), the actuary shall forthwith provide a copy of the report to the Superintendent and advise the chief agent of the foreign company that the actuary has done so.

632. (1) Any oral or written statement or report made under this Act by the actuary or former actuary of a foreign company has qualified privilege.

(2) The actuary or a former actuary of a foreign company who in good faith makes an oral or written statement under subsection 627(1) or section 631 shall not be liable in any civil action seeking indemnification for damages attributable to the actuary or former actuary having made the statement or report.

633. (1) A foreign company shall appoint an auditor for its insurance business in Canada.

(2) A foreign company shall, forthwith after the appointment of the auditor of the foreign company, notify the Superintendent in writing of the appointment.

634. (1) A natural person or firm of accountants is qualified to be an auditor of a foreign company if

(a) in the case of a natural person, the person is an accountant who

(i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,

(ii) has at least five years experience at a senior level in performing audits of a financial institution,

(iii) is ordinarily resident in Canada, and

(iv) is independent of the foreign company and its chief agent; and

(b) in the case of a firm of accountants, the member of the firm jointly designated by the firm and the foreign company to conduct the audit of the foreign company on behalf of the firm is qualified in accordance with paragraph (a).

(2) For the purposes of subsection (1),

(a) independence is a question of fact; and

(b) a person is deemed not to be independent of a foreign company if that person, any partner of that person or any member of a firm of accountants of which that person is a member, or if the firm of accountants

(i) is a director or an officer or employee of the foreign company or of any affiliate of the foreign company or is a business partner of any director, officer or employee of the foreign company or of any affiliate of the foreign company,

(ii) beneficially owns or controls, directly or indirectly, a material interest in the shares of the foreign company or of any affiliate of the foreign company, or

(iii) has been a liquidator, trustee in bankruptcy, receiver or receiver and manager of any affiliate of the foreign company within the two years immediately preceding the person’s proposed appointment as auditor of the foreign company.

(3) Within fifteen days after the appointment of a firm of accountants as auditor of a foreign company, the foreign company and the firm of accountants shall jointly designate a member of the firm who meets the qualifications described in subsection (1) to conduct the audit of the foreign company on behalf of the firm and shall forthwith notify the Superintendent in writing of the designation.

(4) Where for any reason a member of a firm of accountants designated pursuant to subsection (3) ceases to conduct the audit of the foreign company, the foreign company and the firm of accountants may jointly designate another member of the same firm of accountants who meets the qualifications described in subsection (1) to conduct the audit of the foreign company and the foreign company shall forthwith notify the Superintendent in writing of the designation.

(5) In any case where subsection (4) applies and a designation is not made pursuant to that subsection within thirty days after the designated member ceases to conduct the audit of the foreign company, there shall be deemed to be a vacancy in the office of auditor of the foreign company.

635. (1) An auditor who ceases to be qualified under section 634 shall resign forthwith after the auditor, where the auditor is a natural person, or any member of the firm of accountants, where the auditor is a firm of accountants, becomes aware that the auditor or the firm has ceased to be so qualified.

(2) Any interested person may apply to a court for an order declaring that an auditor of a foreign company has ceased to be qualified under section 634 and declaring the office of auditor to be vacant.

636. (1) A foreign company may revoke the appointment of an auditor of the foreign company.

(2) The Superintendent may at any time revoke the appointment of an auditor made under subsection (3) or section 633 or 638 by notice in writing signed by the Superintendent and sent by registered mail to the auditor and to the chief agent of the foreign company addressed to the usual place of business of the auditor and the chief agent.

(3) A vacancy created by the revocation of the appointment of an auditor under subsection (1) shall be filled by the foreign company under section 638.

637. (1) An auditor of a foreign company ceases to hold office when

(a) the auditor resigns;

(b) the auditor, where the auditor is a natural person, dies; or

(c) the appointment of the auditor is revoked by the foreign company or the Superintendent.

(2) The resignation of an auditor becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later.

638. (1) Where a vacancy occurs in the office of auditor of a foreign company, the foreign company shall forthwith fill the vacancy.

(2) Where the foreign company fails to fill a vacancy in accordance with subsection (1), the Superintendent may fill the vacancy.

(3) Where the Superintendent has, pursuant to subsection (2), appointed a firm of accountants to fill a vacancy, the Superintendent shall designate the member of the firm who is to conduct the audit on behalf of the firm.

639. An auditor of a foreign company who

(a) resigns, or

(b) receives a notice or otherwise learns that another person is to be appointed in the auditor’s stead, whether because of the auditor’s resignation or revocation of appointment,

shall submit to the chief agent of the foreign company and the Superintendent a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action.

640. (1) Where an auditor of a foreign company has resigned or the appointment of an auditor has been revoked, no person or firm shall accept an appointment or consent to be appointed as auditor of the foreign company until the person or firm has requested and received from the other auditor a written statement of the circumstances and reasons why the other auditor resigned or why, in the other auditor’s opinion, the other auditor’s appointment was revoked.

(2) Notwithstanding subsection (1), a person or firm may accept an appointment or consent to be appointed as auditor of a foreign company if, within fifteen days after a request under that subsection is made, no reply from the other auditor is received.

(3) Unless subsection (2) applies, an appointment as auditor of a foreign company is void if subsection (1) has not been complied with.

641. (1) The auditor of a foreign company shall make such examination as the auditor considers necessary to enable the auditor to report on the annual return required by subsection 665(2) and on other financial statements required by this Act to be filed with the Superintendent.

(2) The auditor’s examination referred to in subsection (1) shall, except as otherwise specified by the Superintendent, be conducted in accordance with generally accepted auditing standards, the primary source of which is the Handbook of the Canadian Institute of Chartered Accountants.

(3) An auditor of a foreign company may, in conducting the examination referred to in subsection (1), use the valuation by the actuary of the foreign company of

(a) the actuarial and other policy liabilities of the foreign company as at the end of a financial year; and

(b) the increase in the actuarial liabilities of the foreign company for a financial year.

642. (1) On the request of the auditor of a foreign company, the present or former chief agents, directors, officers, employees or representatives of the foreign company shall, to the extent that they are reasonably able to do so,

(a) permit access to such records, assets and security held by the foreign company, or any entity in which the foreign company has a substantial investment, in respect of the insurance business in Canada of the foreign company, and

(b) provide such information and explanations

as are, in the opinion of the auditor, necessary to enable the auditor to perform the duties of auditor of the foreign company.

(2) A person who in good faith makes an oral or written communication under subsection (1) shall not be liable in any civil action arising from having made the communication.

643. (1) The Superintendent may, in writing, require that the auditor of a foreign company report to the Superintendent on the extent of the auditor’s procedures in the examination of the annual return and may, in writing, require that the auditor enlarge or extend the scope of that examination or direct that any other particular procedure be performed in any particular case, and the auditor shall comply with any such requirement of the Superintendent and report to the Superintendent thereon.

(2) In respect of the insurance business in Canada of a foreign company, the Superintendent may, in writing, require that the auditor of the foreign company make a particular examination relating to the adequacy of the procedures adopted by the foreign company for the safety of its creditors and policyholders in Canada, or any other examination as, in the Superintendent’s opinion, the public interest may require, and report to the Superintendent thereon.

(3) In respect of the insurance business in Canada of a foreign company, the Superintendent may direct that a special audit of the foreign company be made if, in the opinion of the Superintendent, it is so required and may appoint for that purpose an accountant or a firm of accountants qualified pursuant to subsection 634(1) to be an auditor of the foreign company.

(4) The expenses entailed by any examination or audit referred to in any of subsections (1) to (3) are payable by the foreign company on being approved in writing by the Superintendent.

644. (1) The auditor of a foreign company shall, not later than the earlier of May 31 in each year and the day in each year on which the auditor is required to make a report under the laws under which the foreign company is incorporated, make a report to the chief agent in writing on the annual return required by subsection 665(2).

(2) In each report required under subsection (1), the auditor shall state whether, in the auditor’s opinion, the annual return presents fairly, in accordance with the accounting principles referred to in subsection 331(4), the financial position of the insurance business in Canada of the foreign company as at the end of the financial year to which it relates and the results of the operations and changes in the financial position of the insurance business in Canada of the foreign company for that financial year.

(3) In each report referred to in subsection (2), the auditor shall include such remarks as the auditor considers necessary when

(a) the examination has not been made in accordance with the auditing standards referred to in subsection 641(2);

(b) the annual return has not been prepared on a basis consistent with that of the preceding financial year; or

(c) the annual return does not present fairly, in accordance with the accounting principles referred to in subsection 331(4), the financial position of the insurance business in Canada of the foreign company as at the end of the financial year to which it relates or the results of the operations or changes in the financial position of the foreign company for that financial year.

1991, c. 47, s. 644; 1994, c. 26, s. 44(F).

645. (1) It is the duty of the auditor of a foreign company to report in writing to the chief agent of the foreign company any transactions or conditions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention affecting the well-being of the foreign company that in the auditor’s opinion are not satisfactory and require rectification and, without restricting the generality of the foregoing, the auditor shall, as occasion requires, make a report to the chief agent in respect of transactions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention and that in the auditor’s opinion have not been within the powers of the foreign company.

(2) Where the auditor of a foreign company makes a report under subsection (1), the auditor shall, at the time of transmitting the report to the chief agent provide the Superintendent with a copy of the report.

646. Any oral or written statement or report made under this Act by the auditor or a former auditor of a foreign company has qualified privilege.

647. (1) A foreign company shall prepare and maintain

(a) copies of all orders of the Superintendent in relation to the foreign company;

(b) accounting records respecting its insurance business in Canada; and

(c) with respect to its insurance business in Canada, records showing, for each customer in Canada of, or claimant under a policy in Canada issued by, the foreign company, the amount owing to the foreign company and the nature of the liabilities of the foreign company to the customer or claimant.

(2) The records described in paragraphs (1)(b) and (c) shall be kept in a manner that enables the chief agent in Canada of the foreign company to provide the Superintendent with the information required by section 664 and with the annual return required by subsection 665(2).

(3) The records described in subsection (1) shall be kept at the chief agency of the foreign company.

1991, c. 47, s. 647; 2001, c. 9, s. 449.

648. The Superintendent may examine the books, vouchers, receipts and other documents of a foreign company relating to its insurance business in Canada for the purpose of verifying information provided to the Superintendent pursuant to section 664 or 665.

649. Section 266 to 270 apply, with such modifications as the circumstances require, to foreign companies.

650. A foreign company that discontinues its insurance business in Canada may apply in writing to the Superintendent for the release of its assets in Canada.

651. Except as otherwise provided in this Act, the assets in Canada of a foreign company may not be released unless the foreign company

(a) obtains the surrender of its outstanding policies in Canada or transfers them to or reinsures them with a company or another foreign company the insuring in Canada of risks by which has been approved by order of the Superintendent; and

(b) provides the Superintendent with proof of the publication, for four consecutive weeks, in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated and the Canada Gazette of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its policyholders in Canada opposing that release to file their opposition with the Superintendent on or before the day.

1991, c. 47, s. 651; 1996, c. 6, s. 90.

652. After the day specified in the notice referred to in section 651, the Superintendent may authorize the release to the foreign company of its assets in Canada, if the Superintendent is satisfied that the foreign company has discharged or provided for the discharge of all of its obligations in Canada, including its liabilities under its policies in Canada.

653. The Superintendent may authorize the trustee in which assets are vested in trust for the foreign company to employ any portion of those assets for the purpose of effecting the surrender, transfer or insuring of outstanding policies in Canada, but not so as to reduce the assets in Canada of the foreign company below the requirements of this Part in respect of continuing policyholders.

654. Notwithstanding sections 650 to 653, the assets in Canada of a foreign company that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act, be released to the liquidator.

1991, c. 47, s. 654; 1996, c. 6, s. 167.

655. The Superintendent may rescind the order approving the insuring in Canada of risks by a foreign company, if the foreign company does not

(a) provide information to the Superintendent as required by section 664;

(b) provide the annual return to the Superintendent as required by section 665;

(c) permit the examination authorized by section 648 or 674; or

(d) provide any information in its possession or control that is requested for the purpose of any such examination.