Ancillary Activities (Insurance Companies, Canadian Societies and Insurance Holding Companies) Regulations

Ancillary Activities (Insurance Companies, Canadian Societies and Insurance Holding Companies) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 1021a of the Insurance Companies Actb, hereby makes the annexed Ancillary Activities (Insurance Companies, Canadian Societies and Insurance Holding Companies) Regulations. S.C. 2001, c. 9, s. 465 S.C. 1991, c. 47 Definition In these Regulations, Act means the Insurance Companies Act. Prescribed activities For the purpose of paragraph 495(2)(f) of the Act, the following activities are prescribed in relation to an entity and a life company that acquires control of, or acquires or increases a substantial investment in, the entity: the provision of safety and risk prevention services and services respecting risk management and claims adjustment; the operation of rehabilitation and training and development centres; the provision of computer systems to independent insurance brokers and agents; the provision of support to independent insurance brokers and agents; the operation of repair and appraisal centres; and any other activities that are reasonably ancillary to the business of insurance carried on by the life company. Prescribed term or condition For the purpose of paragraph 495(2)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by the life company. For the purpose of paragraph 495(4)(f) of the Act, the following activities are prescribed in relation to an entity and a property and casualty company or marine company that acquires control of, or acquires or increases a substantial investment in, the entity: any other activities that are reasonably ancillary to the business of insurance carried on by the company. For the purpose of paragraph 495(4)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by the property and casualty company or the marine company. For the purpose of paragraph 554(2)(f) of the Act in relation to an entity and a society that acquires control of, or acquires or increases a substantial investment in, the entity, prescribed activities are activities that are reasonably ancillary to the society’s insurance business. For the purpose of paragraph 971(2)(f) of the Act, the following activities are prescribed in relation to an entity and an insurance holding company that acquires control of, or acquires or increases a substantial investment in, the entity: any other activities that are reasonably ancillary to the business of insurance carried on by a company controlled by the insurance holding company. For the purpose of paragraph 971(2)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by a company controlled by the insurance holding company. Coming into force These Regulations come into force on the day on which section 495 of the Insurance Companies Act, as enacted by section 426 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. [Note: Regulations in force October 24, 2001, see SI/2001-102.]