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

Marginal note:Regulations re disclosure

607.1 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 foreign companies or any prescribed class of foreign 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 foreign companies or any prescribed class of foreign companies relating to any matter referred to in paragraph (a).

Marginal note:Provisions that do not apply

• 607.2 (1) Sections 598 to 607.1 do not apply in respect of a foreign company if

  • (a) the order made under subsection 574(1) in respect of the foreign company restricts it to the reinsurance of risks within a class of insurance specified in the order;

  • (b) the foreign company has provided the Commissioner with a declaration stating that it is not dealing with a prescribed group of consumers; and

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

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

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

Marginal note:Adequacy of assets and appropriate forms of liquidity

• 608. (1) A foreign company shall maintain in Canada an adequate margin of assets over liabilities in respect of its insurance business in Canada as shown in the records it is required to maintain under section 647, and adequate and appropriate forms of liquidity, and shall comply with any regulations in relation to an adequate margin of assets over liabilities and adequate and appropriate forms of liquidity.

• Marginal note:Liabilities

  (2) For the purposes of subsection (1), the liabilities in Canada of a foreign company include the reserve included in the annual return required under subsection 665(2).

• Marginal note:Guidelines

  (3) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(a).

• Marginal note:Directives

  (4) Even though a foreign company is complying with regulations made under paragraph 610(1)(a) or guidelines made under subsection (3), the Superintendent may, by order, direct the foreign company to increase the margin of its assets over its liabilities that it is required to maintain in Canada or to provide additional liquidity in the forms and the amounts that the Superintendent requires.

• Marginal note:Compliance

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