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Insurance Companies Act ( 1991, c. 47 )
Disclaimer: These documents are not the official versions (
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Full Document for Printing [2508Kb]
Act current to November 5th, 2007
Attention: See coming into force provision and notes, where applicable.
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Table of contents
Insurance Companies Act
SHORT TITLE
PART I :
INTERPRETATION AND APPLICATION
Definitions
Interpretation
Application
PART II :
STATUS AND POWERS
PART III :
INCORPORATION, CONTINUANCE AND DISCONTINUANCE
Formalities of Incorporation
Continuance
Discontinuance
Corporate Name
PART IV :
ORGANIZATION AND COMMENCEMENT
Organization Meetings
Commencement and Carrying on of Business
PART V :
CAPITAL STRUCTURE
Share Capital
Restrictions Specific to Shares of Mutual Companies
Subordinated Indebtedness
Security Certificates and Transfers
PART VI :
CORPORATE GOVERNANCE
Division I :
Shareholders and Policyholders
Division I.1 :
Proxies
Division I.2 :
Restrictions on Voting
Division II :
Directors and Officers
Division III :
Fundamental Changes
Division IV :
Head Office and Corporate Records
Division V :
Securities Registers
Division VI :
Corporate Name and Seal
Division VII :
Division VIII :
Insiders
Division IX :
Prospectus
Division IX.1 :
Going-private Transactions and Squeeze-out Transactions
Division X :
Compulsory Acquisitions
Division XI :
Trust Indentures
Division XII :
Financial Statements
Division XIII :
Auditors
Division XIV :
Actuaries
Division XV :
Remedial Actions
Division XVI :
Liquidation and Dissolution
PART VII :
OWNERSHIP
Division I :
Interpretation
Division II :
Constraints on Ownership
Division III :
Directions
PART VIII :
BUSINESS AND POWERS
General
Classes of Insurance
Segregated Funds
Participating Policies
Reinsurance
Restrictions
Restrictions Specific to Life Companies
Restrictions Specific to Property and Casualty Companies and Marine Companies
Borrowing Costs
Complaints
Miscellaneous
PART IX :
INVESTMENTS
Definitions and Application
General Constraints on Investments
Subsidiaries and Equity Investments
Exceptions and Exclusions
Portfolio Limits
Commercial Lending by Life Companies
Consumer and Commercial Lending by Property and Casualty Companies and Marine Companies
Real Property
Equities
Aggregate Limit
Miscellaneous
PART X :
ADEQUACY OF CAPITAL AND LIQUIDITY AND ASSETS
PART XI :
SELF-DEALING
Interpretation and Application
Prohibited Related Party Transactions
Permitted Related Party Transactions
Restrictions on Permitted Transactions
Disclosure
Remedial Actions
PART XII :
FRATERNAL BENEFIT SOCIETIES
Interpretation
Powers
Corporate Governance
Investments
Liquidation and Dissolution of a Society
PART XIII :
FOREIGN COMPANIES
Interpretation
Application
Insurance of Risks
Classes of Insurance
Segregated Funds
Reinsurance
Borrowing Costs
Complaints
Miscellaneous
Adequacy of Capital or Assets
Investments
Self-dealing
Actuaries
Auditors
Records
Termination of Insurance Business in Canada
PART XIV :
PROVINCIAL COMPANIES
Application
Order to Commence and Carry on Business
Duties of Directors
Corporate Records
PART XV :
REGULATION OF COMPANIES, SOCIETIES, FOREIGN COMPANIES AND PROVINCIAL COMPANIES — SUPERINTENDENT
Interpretation
Supervision
Remedial Powers
PART XVI :
REGULATION OF COMPANIES AND FOREIGN COMPANIES — COMMISSIONER
PART XVII :
INSURANCE HOLDING COMPANIES
Purpose
Division 1 :
Interpretation
Division 2 :
Status and Powers
Division 3 :
Incorporation, Continuance and Discontinuance
Division 4 :
Organization and Commencement
Division 5 :
Capital Structure
Division 6 :
Corporate Governance
Division 7 :
Ownership
Division 8 :
Business and Powers
Division 9 :
Investments
Division 10 :
Adequacy of Capital and Liquidity
Division 11 :
Regulation of Insurance Holding Companies
PART XVIII :
ADMINISTRATION
Notices and Other Documents
Approvals
Orders and Directives
Applications to Superintendent
Applications for Certain Approvals
Appeals
Regulations
Delegation
PART XIX :
SANCTIONS
SCHEDULE : CLASSES OF INSURANCE
Related Information
Amendments not in Force
Related Regulations
Affiliated Persons (Insurance Companies) Regulations
Aggregate Financial Exposure (Insurance Companies) Regulations
Ancillary Activities (Insurance Companies, Canadian Societies and Insurance Holding Companies) Regulations
Assets (Foreign Companies) Regulations
Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations
Commercial Loan (Insurance Companies, Societies and Insurance Holding Companies) Regulations
Complaint Information (Canadian Insurance Companies) Regulations
Complaint Information (Foreign Insurance Companies) Regulations
Converted Company Ownership Regulations
Cost of Borrowing (Foreign Insurance Companies) Regulations
Cost of Borrowinig (Canadian Insurance Companies) Regulations
Credit Information (Insurance Companies) Regulations
Distributing Company and Distributing Insurance Holding Company Regulations
Entity Member of Group Regulations
Equity of an Insurance Company or Insurance Holding Company Regulations
Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations
Exemption from Restrictions on Investments (Insurance Companies, Insurance Holding Companies and Societies) Regulations
Factoring Entity Regulations
Finance Entity Regulations
Financial Leasing Entity Regulations
Foreign Companies Prescribed Transactions Regulations
Foreign Institutions Subject to the Canadian Residency Requirements Regulations (Insurance Companies)
Going-Private Transaction (Insurance Companies and Insurance Holding Companies) Regulations
Guidelines Respecting Control in Fact for the Purpose of Subsection 407.2(1) of the Insurance Companies Act
Information Technology Activities (Canadian Societies) Regulations
Information Technology Activities (Insurance Holding Companies) Regulations
Information Technology Activities (Life Companies) Regulations
Information Technology Activities (Property and Casualty Companies) Regulations
Insider Reports (Insurance Companies and Insurance Holding Companies) Regulations
Insurance Companies Assessed Expenses Recovery Regulations
Investment Limits (Canadian Societies) Regulations
Investment Limits (Insurance Companies) Regulations
Investment Limits (Insurance Holding Companies) Regulations
Investments (Foreign Companies) Regulations
Life Companies Borrowing Regulations
Meeting and Proposals (Insurance Companies and Insurance Holding Companies) Regulations
Minority Investment (Insurance Companies) Regulations
Minority Investment (Insurance Holding Companies) Regulations
Mutual Company (Life Insurance) Conversion Regulations
Name Use in Securities-related Transactions (Insurance Companies and Insurance Holding Companies) Regulations
Property and Casualty Companies Borrowing Regulations
Prospectus (Insurance Companies and Insurance Holding Companies) Regulations [Repealed]
Prospectus (Insurance Companies and Insurance Holding Companies) Regulations
Prospectus Exemptions (Insurance Companies) Regulations [Repealed]
Prospectus Exemptions (Insurance Holding Companies) Regulations [Repealed]
Protection of Assets (Fraternal Benefit Societies) Regulations
Protection of Assets (Insurance Companies) Regulations
Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations
Regulations Prescribing Alternative Means of Publication (Foreign Companies)
Regulatory Capital (Insurance Companies) Regulations
Regulatory Capital (Insurance Holding Companies) Regulations
Reinsurance (Canadian Companies) Regulations
Reinsurance (Foreign Companies) Regulations
Related Party Transactions (Insurance Companies) Regulations
Resident Canadian (Insurance Companies) Regulations
Rules Governing Proceedings at Public Inquiries into Objections (Insurance Companies)
Securities Dealing Restrictions (Insurance Companies) Regulations
Security Certificate Transfer Fee (Banks, Bank Holding Companies, Insurance Companies and Insurance Holding Companies) Regulations
Specialized Financing (Insurance Holding Companies) Regulations
Specialized Financing (Life Companies) Regulations
Subsidiaries Holding Company Shares Insurance Companies) Regulations
Subsidiaries that Hold Insurance Holding Company Shares Regulations
Supervisory Information (Insurance Companies) Regulations
Supervisory Information (Insurance Holding Companies) Regulations
Total Assets for Supervisability and Public Holding Requirements (Insurance Companies and Insurance Holding Companies) Regulations
Vested Assets (Foreign Companies) Regulations
Important Notices
Important Notices
Important Notices