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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

General Constraints on Investments

Marginal note:Investment standards

  • 615. (1) A foreign company shall, in respect of its assets in Canada, establish and adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return.

  • Marginal note:Resolution of board of directors

    (2) A foreign company to which subsection 573(4) applies shall, during the period of ninety days following the coming into force of this Part, file with the Superintendent a certified copy of a resolution of its board of directors establishing the investment and lending policies, standards and procedures referred to in subsection (1).

Commercial Lending by Foreign Life Companies

Marginal note:Lending limit — foreign life companies

  • 616. (1) The total accepted value of commercial loans vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • Marginal note:Lending limit — foreign composite companies

    (2) The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • 1991, c. 47, s. 616;
  • 2007, c. 6, s. 292.
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Consumer and Commercial Lending by Foreign Property and Casualty Companies and Foreign Marine Companies

Marginal note:Lending limit — foreign property and casualty companies and foreign marine companies

617. The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada.

  • 1991, c. 47, s. 617;
  • 2007, c. 6, s. 292.
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Real Property

Marginal note:Limit on total property interest — foreign life companies

  • 618. (1) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • Marginal note:Limit on total property interest — foreign composite companies

    (2) The total accepted value of interests in real property vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • Marginal note:Limit on total property interest — foreign property and casualty companies and foreign marine companies

    (3) The total accepted value of interests in real property vested in trust by a foreign property and casualty company, or a foreign marine company, shall not at any time exceed the prescribed percentage of the value of its assets in Canada.

  • 1991, c. 47, s. 618;
  • 2007, c. 6, s. 292.
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