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

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

Release of Assets

Marginal note:Application for release of assets in Canada

650. A foreign company that proposes to cease to insure in Canada risks may apply to the Superintendent for the release of its assets in Canada.

  • 1991, c. 47, s. 650;
  • 2007, c. 6, s. 298.
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Marginal note:Conditions of release

651. Except as otherwise provided in this Act, the Superintendent may, by order, authorize the release of the assets in Canada of a foreign company if the foreign company

  • (a) has, in respect of its policies,

    • (i) obtained their surrender,

    • (ii) transferred them,

    • (iii) caused itself to be reinsured, on an assumption basis, against the risks undertaken under them, or

    • (iv) otherwise discharged its liabilities under them, or provided for their discharge in a manner satisfactory to the Superintendent;

  • (b) has discharged all of its obligations, other than liabilities under its policies, or provided for them in a manner satisfactory to the Superintendent; and

  • (c) has provided the Superintendent with proof of the publication, for four consecutive weeks, in the Canada Gazette and in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated, of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its creditors and policyholders opposing that release to file their opposition with the Superintendent on or before the day.

  • 1991, c. 47, s. 651;
  • 1996, c. 6, s. 90;
  • 2007, c. 6, s. 298.
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Marginal note:Release of assets to liquidator

652. Despite sections 650 and 651, the assets in Canada of a foreign company that is in liquidation may, on the order of any court having jurisdiction under the Winding-up and Restructuring Act, be released to the liquidator.

  • 1991, c. 47, s. 652;
  • 2007, c. 6, s. 298.
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Marginal note:Revocation of order

653. The Superintendent may revoke the order made under subsection 574(1) in respect of a foreign company if in the opinion of the Superintendent the foreign company is not insuring in Canada risks, or if the foreign company does not

  • (a) provide information to the Superintendent as required by section 664;

  • (b) provide the annual return to the Superintendent as required by section 665;

  • (c) permit the examination authorized by section 648 or 674; or

  • (d) provide any information in its possession or control that is requested for the purpose of any such examination.

  • 1991, c. 47, s. 653;
  • 2007, c. 6, s. 298.
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