Insurance Companies Act (S.C. 1991, c. 47)

Marginal note:Application to rectify records

• 375. (1) If the name of a person is alleged to be or to have been wrongly entered or retained in, or wrongly deleted or omitted from, the securities register or any other record of a company, the company, a security holder of the company or any aggrieved person may apply to a court for an order that the securities register or record be rectified.

• Marginal note:Notice to Superintendent

  (2) An applicant under this section shall give the Superintendent notice of the application and the Superintendent may appear and be heard in person or by counsel at the hearing of the application.

• Marginal note:Powers of court

  (3) In connection with an application under this section, the court may make any order it thinks fit including, without limiting the generality of the foregoing,

  • (a) an order requiring the securities register or other record of the company to be rectified;

  • (b) an order restraining a company from calling or holding a meeting of shareholders or policyholders or paying a dividend to shareholders before the rectification;

  • (c) an order determining the right of a party to the proceedings to have the party’s name entered or retained in, or deleted or omitted from, the securities register or records of the company, whether the issue arises between two or more security holders or alleged security holders, or between the company and any security holder or alleged security holder; and

  • (d) an order compensating a party who has incurred a loss.

Definition of “court”

376. In this Division, “court” means a court having jurisdiction in the place where the company has its head office.

Marginal note:Application of Division

• 377. (1) This Division does not apply to a company that is insolvent within the meaning of the Winding-up and Restructuring Act.

• Marginal note:Staying proceedings on insolvency

  (2) Any proceedings taken under this Division to dissolve or to liquidate and dissolve a company shall be stayed if the company is at any time found to be insolvent within the meaning of the Winding-up and Restructuring Act.

Marginal note:Mutual companies, etc.

378. This Division does not apply to companies that

• (a) are mutual companies; or

• (b) have participating policyholders or policyholders who are entitled to vote at annual meetings of shareholders and policyholders.

Marginal note:Returns to Superintendent

379. A liquidator appointed under this Part to wind up the business of a company shall provide the Superintendent with such information relating to the business and affairs of the company in such form as the Superintendent requires.