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

Act current to 2013-04-29 and last amended on 2012-12-19. Previous Versions

Miscellaneous

Marginal note:Regulations

509. For the purposes of this Part, the Governor in Council may make regulations

  • (a) defining the interests of a company in real property;

  • (b) determining the method of valuing those interests;

  • (c) exempting classes of companies from the application of sections 502 to 508; or

  • (d) respecting the determination of an amount for the purpose of each of sections 506, 507 and 508.

  • 1991, c. 47, s. 509;
  • 1993, c. 34, s. 83;
  • 1997, c. 15, s. 272;
  • 2001, c. 9, s. 426.
Marginal note:Divestment order

  • 510. (1) The Superintendent may, by order, direct a company to dispose of, within any period that the Superintendent considers reasonable, any loan, investment or interest made or acquired in contravention of this Part.

  • Marginal note:Divestment order

    (2) If, in the opinion of the Superintendent,

    • (a) an investment by a company or any entity it controls in shares of a body corporate or in ownership interests in an unincorporated entity enables the company to control the body corporate or the unincorporated entity, or

    • (b) the company or any entity it controls has entered into an arrangement whereby it or its nominee may veto any proposal put before

      • (i) the board of directors of a body corporate, or

      • (ii) a similar group or committee of an unincorporated entity,

      or whereby no proposal may be approved except with the consent of the company, the entity it controls or the nominee,

    the Superintendent may, by order, require the company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the company no longer controls the body corporate or unincorporated entity or has the ability to veto or otherwise defeat any proposal referred to in paragraph (b).

  • Marginal note:Divestment order

    (3) If

    • (a) a company

      • (i) fails to provide or obtain within a reasonable time the undertakings referred to in subsection 497(1), (2) or (4), or

      • (ii) is in default of an undertaking referred to in subsection 497(1) or (2) and the default is not remedied within ninety days after the day of receipt by the company of a notice from the Superintendent of the default, or

    • (b) a permitted entity referred to in subsection 497(4) is in default of an undertaking referred to in subsection 497(4) and the default is not remedied within ninety days after the day of receipt by the company of a notice from the Superintendent of the default,

    the Superintendent may, by order, require the company, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the company no longer has a substantial investment in the entity to which the undertaking relates.

  • Marginal note:Exception

    (4) Subsection (2) does not apply in respect of an entity in which a company has a substantial investment permitted by this Part.

  • 1991, c. 47, s. 510;
  • 2001, c. 9, s. 426.