Exemption from Restrictions on Investments (Insurance Companies, Insurance Holding Companies and Societies) Regulations
AI-assisted research summary: This regulation creates exemptions from certain Insurance Companies Act investment restrictions for life companies, insurance holding companies, property and casualty companies, marine companies, and societies.
Exemption from Restrictions on Investments (Insurance Companies, Insurance Holding Companies and Societies) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 501(a)a and (b)a and 554(9)(a)b and (b)b of the Insurance Companies Actc, hereby makes the annexed Exemption from Restrictions on Investments (Insurance Companies, Insurance Holding Companies and Societies) Regulations. S.C. 2001, c. 9, s. 426 S.C. 2001, c. 9, s. 437 S.C. 1991, c. 47 Prescribed circumstances — life companies and insurance holding companies For the purposes of subparagraph 495(3)(d)(ii) and 971(3)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1) or (2) of the Act. Prescribed circumstances — property and casualty companies and marine companies For the purpose of subparagraph 495(5)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 495(1) or (4) of the Act. Prescribed circumstances — societies For the purpose of subparagraph 554(3)(d)(ii) of the Insurance Companies Act, subsections 554(4) and (5) of the Act do not apply in determining whether a society would be permitted to acquire a substantial investment in an entity under subsection 552(2), paragraph 552(3)(b) or (c) or subsection 554(1) or (2) of the Act. Coming into force These Regulations come into force on the day on which paragraphs 501(a) and (b) and 554(9)(a) and (b) of the Insurance Companies Act, as enacted by sections 426 and 437 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force. [Note: Regulations in force October 24, 2001, see SI/2001-102.]