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

Marginal note:Adequacy of capital and liquidity

• 992. (1) An insurance holding company shall, in relation to its business, maintain

  • (a) adequate capital, and

  • (b) adequate and appropriate forms of liquidity,

  and comply with any regulations in relation to capital and liquidity.

• Marginal note:Regulations and guidelines

  (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by an insurance holding company of adequate capital and adequate and appropriate forms of liquidity.

• Marginal note:Directives

  (3) Even if an insurance holding company is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the insurance holding company

  • (a) to increase its capital; or

  • (b) to provide additional liquidity in such forms and amounts as the Superintendent may require.

• Marginal note:Compliance

  (4) An insurance holding company shall comply with an order made under subsection (3) within the time specified by the Superintendent in the order.

Marginal note:Required information

993. An insurance holding company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may require.

Marginal note:Names of directors and auditors

• 994. (1) An insurance holding company shall, within thirty days after each annual meeting of the insurance holding company, provide the Superintendent with a return showing

  • (a) the name, residence and citizenship of each director holding office immediately following the meeting;

  • (b) the mailing address of each director holding office immediately following the meeting;

  • (c) the bodies corporate of which each director referred to in paragraph (a) is an officer or director and the firms of which each director is a member;

  • (d) the names of the directors referred to in paragraph (a) who are officers or employees of the insurance holding company or any affiliate of the insurance holding company, and the positions they occupy;

  • (e) the name of each committee of the insurance holding company on which each director referred to in paragraph (a) serves;

  • (f) the date of expiration of the term of each director referred to in paragraph (a); and

  • (g) the name, address and date of appointment of the auditor of the insurance holding company.

• Marginal note:Changes

  (2) Where

  • (a) any information relating to a director or auditor of an insurance holding company shown in the latest return made to the Superintendent under subsection (1), other than information referred to in paragraph (1)(c), becomes inaccurate or incomplete,

  • (b) a vacancy in the position of auditor of the insurance holding company occurs or is filled by another person, or

  • (c) a vacancy on the board of directors of the insurance holding company occurs or is filled,

  the insurance holding company shall forthwith provide the Superintendent with such information as is required to maintain the return in a complete and accurate form.