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

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

Consumer and Commercial Lending by Societies

Marginal note:Lending limit

562. A society shall not, and shall not permit its prescribed subsidiaries to,

  • (a) make or acquire a commercial loan or a loan to a natural person, or

  • (b) acquire control of a permitted entity that holds commercial loans or loans to natural persons

where the aggregate value of all such loans held by the society and its prescribed subsidiaries exceeds, or the acquisition or making of the loan or the acquisition of control of the body corporate would cause the aggregate value of all such loans held by the society and its prescribed subsidiaries to exceed, the prescribed percentage of the total assets of the society.

  • 1991, c. 47, s. 562;
  • 2001, c. 9, s. 438.

Real Property

Marginal note:Limit on total property interest

563. A society shall not, and shall not permit its prescribed subsidiaries to,

  • (a) purchase or otherwise acquire an interest in real property, or

  • (b) make an improvement to any real property in which the society or any of its prescribed subsidiaries has an interest

if the aggregate value of all interests of the society in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations.

  • 1991, c. 47, s. 563;
  • 2001, c. 9, s. 439.
Marginal note:Regulations

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

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

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

  • (c) respecting the determination of an amount for the purpose of each of sections 563, 565 and 566.

  • 1991, c. 47, s. 564;
  • 2001, c. 9, s. 439.

Equities

Marginal note:Limits on equity acquisitions

565. A society shall not, and shall not permit its prescribed subsidiaries to,

  • (a) purchase or otherwise acquire any participating shares of any body corporate or any ownership interests in any unincorporated entity, other than those of a permitted entity in which the society has, or by virtue of the acquisition would have, a substantial investment, or

  • (b) acquire control of an entity that holds shares or ownership interests referred to in paragraph (a),

if the aggregate value of

  • (c) all participating shares, excluding participating shares of permitted entities in which the society has a substantial investment, and

  • (d) all ownership interests in unincorporated entities, other than ownership interests in permitted entities in which the society has a substantial investment,

beneficially owned by the society and its prescribed subsidiaries exceeds, or the purchase or acquisition would cause that aggregate value to exceed, an amount determined in accordance with the regulations.

  • 1991, c. 47, s. 565;
  • 1993, c. 34, s. 84(F);
  • 1997, c. 15, s. 295;
  • 2001, c. 9, s. 439.