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

Marginal note:Public accountability statements

• 489.1 (1) A company with equity of $1 billion or more shall, in accordance with regulations made under subsection (4), annually publish a statement describing the contribution of the company and its prescribed affiliates to the Canadian economy and society.

• Marginal note:Filing

  (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

• Marginal note:Provision of statement to public

  (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:Regulations

  (4) The Governor in Council may make regulations prescribing

  • (a) the name, contents and form of a statement referred to in subsection (1) and the time and place at which and the manner in which it must be prepared;

  • (b) affiliates of a company referred to in subsection (1);

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.

Marginal note:Regulations re disclosure

489.2 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by companies or any prescribed class of companies, including regulations respecting

• (a) the information that must be disclosed, including information relating to

  • (i) any product or service or prescribed class of products or services offered by them,

  • (ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services,

  • (iii) anything they are required to do or to refrain from doing under a consumer provision, and

  • (iv) any other matter that may affect their dealings, or their employees’ or representatives’ dealings, with customers or the public;

• (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

• (c) the content and form of any advertisement by companies or any prescribed class of companies relating to any matter referred to in paragraph (a).

Marginal note:Provisions that do not apply

• 489.3 (1) Paragraphs 165(2)(f) and (g) and sections 479 to 489.2 do not apply in respect of a company if

  • (a) the order approving the commencement and carrying on of business by the company restricts it to the reinsurance of risks within a class of insurance specified in the order;

  • (b) it has provided the Commissioner with a declaration stating that it is not dealing with a prescribed group of consumers or carrying on any prescribed activity; and

  • (c) after providing the declaration, it continues to not deal with that prescribed group.

• Marginal note:Notice if action taken that causes provisions to apply

  (2) The company must give notice to the Commissioner if it subsequently deals with the prescribed group referred to in the declaration.