I-13.2.2, r. 1 - Regulation respecting the application of the Deposit Institutions and Deposit Protection Act

Section 23 Disposition versions

2020-04-30

23. Subject to the reasons for suspension, cancellation or rescission provided for in the Act and in regulations, a guarantee policy may be terminated where the authorized deposit institution or bank involved, together with the Authority, agree to rescind the guarantee after giving the competent authorities of the government of the province in which the deposits of money were made not less than 90 days’ notice of the intention of the authorized deposit institution or bank to rescind the guarantee.

And likewise where the Canada Deposit Insurance Corporation, incorporated under the Canada Deposit Insurance Act (R.S.C. 1985, c. C-3), issues to the authorized deposit institution or the bank a guarantee policy that, in the opinion of the competent authorities of the government of the province in which the deposits were made, provides insurance at least equivalent to the guarantee of the Authority. In such case, the guarantee terminates only once the Authority has been duly informed by the government of the province in which the deposits were made that, in its opinion, the insurance granted to the authorized deposit institution or bank by the Canada Deposit Insurance Corporation is at least equivalent to the guarantee of the Authority.

M.O. 2010-12, s. 23; M.O. 2020-09, s. 24.

2012-09-01

23. Subject to the reasons for suspension, cancellation or rescission provided for in the Act and in regulations, a guarantee policy may be terminated where the registered institution or bank involved, together with the Authority, agree to rescind the guarantee after giving the competent authorities of the government of the province in which the deposits were made not less than 90 days’ notice of the intention of the registered institution or bank to rescind the guarantee.

And likewise where the Canada Deposit Insurance Corporation, incorporated under the Canada Deposit Insurance Act (R.S.C. 1985, c. C-3), issues to the registered institution or the bank a guarantee policy that, in the opinion of the competent authorities of the government of the province in which the deposits were made, provides insurance at least equivalent to the guarantee of the Authority. In such case, the guarantee terminates only once the Authority has been duly informed by the government of the province in which the deposits were made that, in its opinion, the insurance granted to the registered institution or bank by the Canada Deposit Insurance Corporation is at least equivalent to the guarantee of the Authority.

M.O. 2010-12, s. 23.