Vol. 137, No. 13 — June 18, 2003

Registration
SOR/2003-185 29 May, 2003

INSURANCE COMPANIES ACT

P.C. 2003-766 29 May, 2003

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 1021 (see footnote a)  of the Insurance Companies Act (see footnote b) , hereby makes the annexed Foreign Institutions Subject to the Canadian Residency Requirements Regulations (Insurance Companies).

FOREIGN INSTITUTIONS SUBJECT TO THE CANADIAN RESIDENCY REQUIREMENTS REGULATIONS (INSURANCE COMPANIES)

PRESCRIBED HOLDING BODY CORPORATE

1. For the purpose of subsection 167(2) of the Insurance Companies Act, a holding body corporate of a foreign institution is prescribed if

(a) the holding body corporate is incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province; and
(b) the holding body corporate and entities it controls are, when viewed as a whole, engaged primarily in the business of providing financial services.

COMING INTO FORCE

2. These Regulations come into force on the day on which they are registered.

N.B. The Regulatory Impact Analysis Statement for these Regulations appears following SOR/2003-184, Access to Basic Banking Services Regulations.

Footnote a 

S.C. 2001, c. 9, s. 465

Footnote b 

S.C. 1991, c. 47

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