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

Marginal note:Regulations

672.1 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by companies, societies, foreign companies or provincial companies of prescribed supervisory information.

Marginal note:Disclosure by Superintendent

• 673. (1) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a company, society, foreign company or provincial company and that

  • (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of companies, societies, foreign companies or provincial companies; or

  • (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of companies, societies, foreign companies or provincial companies.

• Marginal note:Prior consultation required

  (2) The Minister shall consult with the Superintendent before making any determination under subsection (1).

Marginal note:Disclosure by a company, etc.

• 673.1 (1) A company, society, foreign company or provincial company shall make available to the public such information concerning

  • (a) the compensation of its executives, as that expression is defined by the regulations, and

  • (b) its business and affairs for the purposes of the analysis of its financial condition,

  in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose.

• Marginal note:Exemption by regulation

  (2) Paragraph (1)(a) does not apply to a company, society, foreign company or provincial company that is within such class or classes of companies, societies, foreign companies or provincial companies as may be prescribed.

Marginal note:Exceptions to disclosure

673.2 Subject to any regulations made under section 489 or 607, no information obtained by a company, society, foreign company or provincial company regarding any of its customers shall be disclosed or made available under subsection 673(1) or section 673.1.

Marginal note:Report respecting disclosure

673.3 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by companies, societies, foreign companies or provincial companies and describing the state of progress made in enhancing the disclosure of information in the financial services industry.