A-32 - Act respecting insurance

Section 420.1 Disposition versions

2011-02-14

420.1. In addition, the Government may, by regulation,

(1)  fix the minimum amount of the combined paid-up capital and contributed surplus for the purposes of the second paragraph of section 27;

(1.1)  determine, for the purposes of paragraph 2 of section 62.1, the limits in excess of which an insurer may not issue bonds or other evidences of indebtedness;

(2)  prescribe the documents and information that must be provided to the Minister in support of an application for authorization to restructure under section 66.2;

(3)  determine the number or percentage of members required for the purposes of the first paragraph of section 88.1;

(4)  determine the activities of a trust company which may be exercised by an insurance company and specify the cases and conditions in and on which the insurance company may exercise them;

(5)  determine the activities of a trust company which may be exercised by a mutual insurance association and specify the cases and conditions in and on which the mutual insurance association may exercise them;

(6)  prescribe standards respecting the adequacy of the capital of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations, the assets that make up such capital as well as the proportion of those assets to each other;

(7)  prescribe standards respecting the adequacy of the liquid assets of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(7.1)  prescribe standards respecting the commercial practices of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(8)  determine the limits applicable to the investments which an insurer, a holding company controlled by an insurer and a federation of mutual insurance associations may make;

(9)  determine the cases in which an insurer may, notwithstanding the first paragraph of section 244.1, acquire all or part of the shares of any legal person;

(10)  determine the cases in which a federation may acquire all or part of the shares of any legal person, in accordance with section 93.161.2;

(11)  determine the cases in which the first paragraph of section 245 does not apply;

(12)  determine the limits applicable to investments relating to separate groups of assets maintained by an insurer in accordance with section 280;

(13)  prescribe the conditions governing the transfer of assets from one separate group of assets to another and those governing the return of such assets to their original group, including the requirement to obtain the Authority’s authorization to effect such a transfer or return;

(14)  determine, in respect of an insurance company that transacts participating insurance, the method for allocating income and expenses to participating and non-participating business;

(15)  establish a tariff of fees payable for the purposes of section 405.2;

(16)  enact, notwithstanding the provisions of the Business Corporations Act (chapter S-31.1), any other provision necessary for the application of that Act to insurance companies.

The standards prescribed under subparagraphs 6 and 7 of the first paragraph may indicate expectations with regard to insurers and provide a framework for their management. The Regulations Act (chapter R‐18.1) does not apply to regulations or draft regulations made under those provisions.

2002, c. 70, s. 151; 2003, c. 1, s. 14; 2004, c. 37, s. 90; 2008, c. 7, s. 50; 2009, c. 52, s. 524.

2008-05-28

420.1. In addition, the Government may, by regulation,

(1)  fix the minimum amount of the combined paid-up capital and contributed surplus for the purposes of the second paragraph of section 27;

(1.1)  determine, for the purposes of paragraph 2 of section 62.1, the limits in excess of which an insurer may not issue bonds or other evidences of indebtedness;

(2)  prescribe the documents and information that must be provided to the Minister in support of an application for authorization to restructure under section 66.2;

(3)  determine the number or percentage of members required for the purposes of the first paragraph of section 88.1;

(4)  determine the activities of a trust company which may be exercised by an insurance company and specify the cases and conditions in and on which the insurance company may exercise them;

(5)  determine the activities of a trust company which may be exercised by a mutual insurance association and specify the cases and conditions in and on which the mutual insurance association may exercise them;

(6)  prescribe standards respecting the adequacy of the capital of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations, the assets that make up such capital as well as the proportion of those assets to each other;

(7)  prescribe standards respecting the adequacy of the liquid assets of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(7.1)  prescribe standards respecting the commercial practices of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(8)  determine the limits applicable to the investments which an insurer, a holding company controlled by an insurer and a federation of mutual insurance associations may make;

(9)  determine the cases in which an insurer may, notwithstanding the first paragraph of section 244.1, acquire all or part of the shares of any legal person;

(10)  determine the cases in which a federation may acquire all or part of the shares of any legal person, in accordance with section 93.161.2;

(11)  determine the cases in which the first paragraph of section 245 does not apply;

(12)  determine the limits applicable to investments relating to separate groups of assets maintained by an insurer in accordance with section 280;

(13)  prescribe the conditions governing the transfer of assets from one separate group of assets to another and those governing the return of such assets to their original group, including the requirement to obtain the Authority’s authorization to effect such a transfer or return;

(14)  determine, in respect of an insurance company that transacts participating insurance, the method for allocating income and expenses to participating and non-participating business;

(15)  establish a tariff of fees payable for the purposes of section 405.2;

(16)  enact, notwithstanding the provisions of the Companies Act (chapter C‐38), any other provision necessary for the application of Part IA of that Act to insurance companies.

The standards prescribed under subparagraphs 6 and 7 of the first paragraph may indicate expectations with regard to insurers and provide a framework for their management. The Regulations Act (chapter R‐18.1) does not apply to regulations or draft regulations made under those provisions.

2002, c. 70, s. 151; 2003, c. 1, s. 14; 2004, c. 37, s. 90; 2008, c. 7, s. 50.

2004-12-17

420.1. In addition, the Government may, by regulation,

(1)  fix the minimum amount of the combined paid-up capital and contributed surplus for the purposes of the second paragraph of section 27;

(1.1)  determine, for the purposes of paragraph 2 of section 62.1, the limits in excess of which an insurer may not issue bonds or other evidences of indebtedness;

(2)  prescribe the documents and information that must be provided to the Minister in support of an application for authorization to restructure under section 66.2;

(3)  determine the number or percentage of members required for the purposes of the first paragraph of section 88.1;

(4)  determine the activities of a trust company which may be exercised by an insurance company and specify the cases and conditions in and on which the insurance company may exercise them;

(5)  determine the activities of a trust company which may be exercised by a mutual insurance association and specify the cases and conditions in and on which the mutual insurance association may exercise them;

(6)  prescribe standards respecting the adequacy of the capital of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations, the assets that make up such capital as well as the proportion of those assets to each other;

(7)   prescribe standards respecting the adequacy of the liquid assets of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(8)  determine the limits applicable to the investments which an insurer, a holding company controlled by an insurer and a federation of mutual insurance associations may make;

(9)  determine the cases in which an insurer may, notwithstanding the first paragraph of section 244.1, acquire all or part of the shares of any legal person;

(10)  determine the cases in which a federation may acquire all or part of the shares of any legal person, in accordance with section 93.161.2;

(11)  determine the cases in which the first paragraph of section 245 does not apply;

(12)  determine the limits applicable to investments relating to separate groups of assets maintained by an insurer in accordance with section 280;

(13)  prescribe the conditions governing the transfer of assets from one separate group of assets to another and those governing the return of such assets to their original group, including the requirement to obtain the Authority’s authorization to effect such a transfer or return;

(14)  determine, in respect of an insurance company that transacts participating insurance, the method for allocating income and expenses to participating and non-participating business;

(15)  establish a tariff of fees payable for the purposes of section 405.2;

(16)  enact, notwithstanding the provisions of the Companies Act (chapter C‐38), any other provision necessary for the application of Part IA of that Act to insurance companies.

The standards prescribed under subparagraphs 6 and 7 of the first paragraph may indicate expectations with regard to insurers and provide a framework for their management. The Regulations Act (chapter R‐18.1) does not apply to regulations or draft regulations made under those provisions.

2002, c. 70, s. 151; 2003, c. 1, s. 14; 2004, c. 37, s. 90.

2003-06-21

420.1. In addition, the Government may, by regulation,

(1)  fix the minimum amount of the combined paid-up capital and contributed surplus for the purposes of the second paragraph of section 27;

(1.1)  determine, for the purposes of paragraph 2 of section 62.1, the limits in excess of which an insurer may not issue bonds or other evidences of indebtedness;

(2)  prescribe the documents and information that must be provided to the Minister in support of an application for authorization to restructure under section 66.2;

(3)  determine the number or percentage of members required for the purposes of the first paragraph of section 88.1;

(4)  determine the activities of a trust company which may be exercised by an insurance company and specify the cases and conditions in and on which the insurance company may exercise them;

(5)  determine the activities of a trust company which may be exercised by a mutual insurance association and specify the cases and conditions in and on which the mutual insurance association may exercise them;

(6)  prescribe standards respecting the adequacy of the capital of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations, the assets that make up such capital as well as the proportion of those assets to each other;

(7)   prescribe standards respecting the adequacy of the liquid assets of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(8)  determine the limits applicable to the investments which an insurer, a holding company controlled by an insurer and a federation of mutual insurance associations may make;

(9)  determine the cases in which an insurer may, notwithstanding the first paragraph of section 244.1, acquire all or part of the shares of any legal person;

(10)  determine the cases in which a federation may acquire all or part of the shares of any legal person, in accordance with section 93.161.2;

(11)  determine the cases in which the first paragraph of section 245 does not apply;

(12)  determine the limits applicable to investments relating to separate groups of assets maintained by an insurer in accordance with section 280;

(13)  prescribe the conditions governing the transfer of assets from one separate group of assets to another and those governing the return of such assets to their original group, including the requirement to obtain the Agency’s authorization to effect such a transfer or return;

(14)  determine, in respect of an insurance company that transacts participating insurance, the method for allocating income and expenses to participating and non-participating business;

(15)  establish a tariff of fees payable for the purposes of section 405.2;

(16)  enact, notwithstanding the provisions of the Companies Act (chapter C‐38), any other provision necessary for the application of Part IA of that Act to insurance companies.

The standards prescribed under subparagraphs 6 and 7 of the first paragraph may indicate expectations with regard to insurers and provide a framework for their management. The Regulations Act (chapter R‐18.1) does not apply to regulations or draft regulations made under those provisions.

2002, c. 70, s. 151; 2003, c. 1, s. 14.

2003-02-12

420.1. In addition, the Government may, by regulation,

(1)  fix the minimum amount of the combined paid-up capital and contributed surplus for the purposes of the second paragraph of section 27;

(2)  prescribe the documents and information that must be provided to the Minister in support of an application for authorization to restructure under section 66.2;

(3)  determine the number or percentage of members required for the purposes of the first paragraph of section 88.1;

(4)  determine the activities of a trust company which may be exercised by an insurance company and specify the cases and conditions in and on which the insurance company may exercise them;

(5)  determine the activities of a trust company which may be exercised by a mutual insurance association and specify the cases and conditions in and on which the mutual insurance association may exercise them;

(6)  prescribe standards respecting the adequacy of the capital of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations, the assets that make up such capital as well as the proportion of those assets to each other;

(7)   prescribe standards respecting the adequacy of the liquid assets of an insurer, of a holding company controlled by an insurer and of a federation of mutual insurance associations;

(8)  determine the limits applicable to the investments which an insurer, a holding company controlled by an insurer and a federation of mutual insurance associations may make;

(9)  determine the cases in which an insurer may, notwithstanding the first paragraph of section 244.1, acquire all or part of the shares of any legal person;

(10)  determine the cases in which a federation may acquire all or part of the shares of any legal person, in accordance with section 93.161.2;

(11)  determine the cases in which the first paragraph of section 245 does not apply;

(12)  determine the limits applicable to investments relating to separate groups of assets maintained by an insurer in accordance with section 280;

(13)  prescribe the conditions governing the transfer of assets from one separate group of assets to another and those governing the return of such assets to their original group, including the requirement to obtain the Agency’s authorization to effect such a transfer or return;

(14)  determine, in respect of an insurance company that transacts participating insurance, the method for allocating income and expenses to participating and non-participating business;

(15)  establish a tariff of fees payable for the purposes of section 405.2;

(16)  enact, notwithstanding the provisions of the Companies Act (chapter C‐38), any other provision necessary for the application of Part IA of that Act to insurance companies.

The standards prescribed under subparagraphs 6 and 7 of the first paragraph may indicate expectations with regard to insurers and provide a framework for their management. The Regulations Act (chapter R‐18.1) does not apply to regulations or draft regulations made under those provisions.

2002, c. 70, s. 151.