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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

Miscellaneous

Marginal note:Prepayment protected

  • 488. (1) A company shall not make a loan to a natural person that is repayable in Canada, the terms of which prohibit prepayment of the money advanced or any instalment thereon before its due date.

  • Marginal note:Non-application of subsection (1)

    (2) Subsection (1) does not apply in respect of a loan

    • (a) that is secured by a mortgage on real property; or

    • (b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed.

  • 1991, c. 47, s. 488;
  • 1997, c. 15, s. 262.
Marginal note:Regulations — activities

488.1 The Governor in Council may make regulations respecting any matters involving a company’s dealings, or its employees’ or representatives’ dealings, with customers or the public, including

  • (a) what a company may or may not do in carrying out any of the activities in which it is permitted to engage, or in providing any of the services that it may provide, under section 440 and any ancillary, related or incidental activities or services; and

  • (b) the time and place at which and the form and manner in which any of those activities are to be carried out or any of those services are to be provided.

  • 2009, c. 2, s. 284;
  • 2012, c. 5, s. 137.
Previous Version
Marginal note:Regulations re customer information

489. The Governor in Council may make regulations

  • (a) requiring a company or society to establish procedures regarding the collection, retention, use and disclosure of any information about its customers or members or any class of customers or members;

  • (b) requiring a company or society to establish procedures for dealing with complaints made by a customer or member about the collection, retention, use or disclosure of information about the customer or member;

  • (c) respecting the disclosure by a company or society of information relating to the procedures referred to in paragraphs (a) and (b);

  • (d) requiring a company or society to designate its officers and employees who are responsible for

    • (i) implementing the procedures referred to in paragraph (b), and

    • (ii) receiving and dealing with complaints made by a customer or member of the company or society about the collection, retention, use or disclosure of information about the customer or member;

  • (e) requiring a company or society to report information relating to

    • (i) complaints made by customers or members of the company or society about the collection, retention, use or disclosure of information, and

    • (ii) the actions taken by the company or society to deal with the complaints; and

  • (f) defining “information”, “collection” and “retention” for the purposes of paragraphs (a) to (e) and the regulations made under those paragraphs.

  • 1991, c. 47, s. 489;
  • 1996, c. 6, s. 80;
  • 1997, c. 15, s. 263.