Insurance Companies Act

Marginal note:Limits on power to delegate

207 The directors of a company may not delegate any of the following powers, namely, the power to

• (a) submit to the shareholders or policyholders a question or matter requiring the approval of the shareholders or policyholders;

• (b) fill a vacancy among the directors, on a committee of directors or in the office of auditor or actuary, or appoint additional directors;

• (c) issue or cause to be issued securities, including an issue of shares of a series that is authorized in accordance with section 66, except in accordance with any authorization made by the directors;

• (d) declare a dividend on shares or a policy dividend, bonus or other benefit payable to policyholders, other than a dividend on a group policy that is a participating policy;

• (e) authorize the redemption or other acquisition by the company pursuant to section 75 of shares issued by the company;

• (f) authorize the payment of a commission on a share issue;

• (g) approve a management proxy circular;

• (h) except as provided in this Act, approve the annual statement of the company and any other financial statements issued by the company; or

• (i) adopt, amend or repeal by-laws.