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

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

680. to 682. [Repealed, 1996, c. 6, s. 96]

Marginal note:Powers of directors and officers suspended

  • 683. (1) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the company, society or provincial company and of the officers of the company, society or provincial company responsible for its management are suspended.

  • Marginal note:Superintendent to manage company

    (2) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), the Superintendent shall manage the business and affairs of the company, society or provincial company and in so doing the Superintendent

    • (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and

    • (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.

  • Marginal note:Persons to assist

    (3) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), or of the assets of a foreign company pursuant to subparagraph 679(1)(b)(i) or (ii), the Superintendent may appoint one or more persons to assist in the management of the company, society or provincial company or of the insurance business in Canada of the foreign company.

  • 1991, c. 47, s. 683;
  • 1996, c. 6, s. 97.
Marginal note:Expiration of control

684. Control by the Superintendent under subsection 679(1) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada expires on the day on which a notice by the Superintendent is sent to

  • (a) the directors and officers who conducted the business and affairs of the company, society or provincial company, or

  • (b) the chief agent in Canada of the foreign company,

stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the company, society or provincial company or the foreign company, as the case may be, can resume control of its business and affairs, assets or its insurance business in Canada, as the case may be.

  • 1991, c. 47, s. 684;
  • 1996, c. 6, s. 97.
Marginal note:Superintendent may request winding-up

684.1 The Superintendent may, at any time before the receipt of a request under section 685 to relinquish control of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of

  • (a) the company, society or provincial company, where the assets of the company, society or provincial company are under the control of the Superintendent pursuant to subparagraph 679(1)(b)(i) or (ii);

  • (b) the insurance business in Canada of the foreign company, where the assets in Canada of the foreign company together with its other assets referred to in subparagraph 679(1)(b)(i) or (ii) are under the control of the Superintendent pursuant to that subparagraph; or

  • (c) the company, society or provincial company, where it is under the control of the Superintendent pursuant to subparagraph 679(1)(b)(iii).

  • 1996, c. 6, s. 97.