Definition of “société”

663. In the French version of this Part, “société” means a “société”, “société de secours”, “société étrangère” or “société provinciale” within the meaning of section 2.

Marginal note:Required information

664. A company, society, foreign company or provincial company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require.

Marginal note:Annual return — companies, societies and provincial companies

• 665. (1) A company, society or provincial company shall prepare annually a return of the condition and affairs of the company, society or provincial company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary.

• Marginal note:Annual return: foreign companies

  (2) A foreign company, in respect of its insurance business in Canada, shall prepare annually a return of the condition and affairs of the foreign company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary.

• (3) [Repealed, 2007, c. 6, s. 299]

• Marginal note:Accounting principles

  (4) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 331(4).

666. [Repealed, 1997, c. 15, s. 323]

Marginal note:Valuation of actuarial and other policy liabilities

• 667. (1) The liabilities of a company, society, foreign company or provincial company shown in its annual return must include as a reserve the value of the actuarial and other policy liabilities and other matters determined under section 365 or section 629.

• Marginal note:Report of actuary

  (2) The actuary of a company, society, foreign company or provincial company shall make, and the company, society, foreign company or provincial company shall file with its annual return, a report in a form determined by the Superintendent on the reserve referred to in subsection (1).

• Marginal note:Auditor’s remarks

  (3) The auditor of a company, society or provincial company shall attach to the annual return a report stating whether, in the auditor’s opinion, the annual return presents fairly, in accordance with accounting principles referred to in subsection 331(4), the financial position of the company, society or provincial company as at the end of the financial year to which it relates and the results of the operations and changes in the financial position of the company, society or provincial company for that financial year.

• Marginal note:Idem

  (4) In each report referred to in subsection (3), the auditor shall include such remarks as the auditor considers necessary when

  • (a) the examination has not been made in accordance with the auditing standards referred to in subsection 346(2);

  • (b) the annual return has not been prepared on a basis consistent with that of the preceding financial year; or

  • (c) the annual return does not present fairly, in accordance with the accounting principles referred to in subsection 331(4), the financial position of the company, society or provincial company as at the end of the financial year to which it relates or the results of the operations or changes in the financial position of the company, society or provincial company for that financial year.