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

Marginal note:Application — insurance business in Canada

572. This Part applies only in respect of the insurance business in Canada of a foreign entity.

Marginal note:Exception

572.1 Despite section 572, this Part does not apply in respect of the insurance against injury to persons or loss of or damage to property, or liability for such injury, loss or damage, caused by nuclear energy, including ionizing radiation and contamination by radioactive substances, to the extent that, in the opinion of the Superintendent, that insurance is not available within Canada.

Marginal note:Restriction on insuring of risks unless authorized

• 573. (1) A foreign entity shall not insure in Canada a risk unless it is authorized by order made under subsection 574(1).

• Marginal note:Restriction to specified classes of insurance

  (2) A foreign company shall not insure in Canada a risk unless the risk falls within a class of insurance that is specified in the order made under subsection 574(1) in respect of the foreign company.

• Marginal note:Restriction on issuance of annuities or endowment insurance

  (3) Unless authorized to insure in Canada risks falling within the class of life insurance, a foreign company shall not issue annuities or policies of endowment insurance in Canada.

• Marginal note:Transitional

  (4) A certificate of registry issued to a foreign entity under the Foreign Insurance Companies Act or Part VIII of the Canadian and British Insurance Companies Act, or any other authorization, that had not expired or been withdrawn before June 1, 1992 is deemed to be an order made under subsection 574(1) and the foreign entity remains subject to any and all other conditions and limitations contained in the certificate or other authorization.

• Marginal note:Continuance of certificate limitations

  (5) A class of insurance specified in a certificate of registry or other authorization referred to in subsection (4) is deemed to be specified in an order of the Superintendent approving the insuring in Canada of risks by the foreign company.

Marginal note:Application for order

• 574. (1) On application by a foreign entity, the Superintendent may, with the approval of the Minister but subject to the other provisions of this Part, make an order approving the insuring in Canada of risks by the foreign entity.

• Marginal note:Reciprocal treatment

  (2) If the application is made by a foreign entity that is not controlled by a WTO Member resident, the Minister shall not approve the making of an order under subsection (1) unless the Minister is satisfied that treatment as favourable for companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign entity principally carries on business, either directly or through a subsidiary.