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

Act current to 2013-05-26 and last amended on 2012-12-19. Previous Versions

Marginal note:Transitional

513. Nothing in this Part requires

  • (a) the termination of a loan made before February 7, 2001;

  • (b) the termination of a loan made after that date as a result of a commitment made before that date;

  • (c) the disposal of an investment made before that date; or

  • (d) the disposal of an investment made after that date as a result of a commitment made before that date.

But if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment may not, except as provided in subsections 498(2), 499(3) and 500(3), be increased after that date.

  • 1991, c. 47, s. 513;
  • 2001, c. 9, s. 426.
Marginal note:Deeming

514. A loan or investment referred to in section 513 is deemed not to be prohibited by the provisions of this Part.

PART X

ADEQUACY OF CAPITAL AND LIQUIDITY AND ASSETS

Marginal note:Adequacy of capital and liquidity — companies and societies

  • 515. (1) A company and society shall, in relation to its operations, maintain adequate capital and adequate and appropriate forms of liquidity and shall comply with any regulations in relation to adequate capital and adequate and appropriate forms of liquidity.

  • Marginal note:Regulations and guidelines

    (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by companies and societies of adequate capital and adequate and appropriate forms of liquidity.

  • Marginal note:Directives

    (3) Notwithstanding that a company or society is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the company or society to increase its capital or to provide additional liquidity in any forms and amounts that the Superintendent may require.

  • Marginal note:Compliance

    (4) A company and society shall comply with an order made under subsection (3) within the time that the Superintendent specifies in the order.

  • 1991, c. 47, s. 515;
  • 1996, c. 6, s. 81;
  • 2001, c. 9, s. 427.

516. [Repealed, 2007, c. 6, s. 240]

Previous Version
Marginal note:Notice of value

517. Where an appraisal of any asset held by a company or any of its subsidiaries has been made by the Superintendent and the value determined by the Superintendent to be the appropriate value of the asset varies materially from the value placed by the company or subsidiary on the asset, the Superintendent shall send to the company, the auditor of the company, the actuary of the company and the audit committee of the company a written notice of the appropriate value of the asset as determined by the Superintendent.