Insurance Companies Act

Marginal note:Records

• 647 (1) A foreign company shall prepare and maintain

  • (a) copies of all orders of the Superintendent in relation to the foreign company;

  • (b) accounting records respecting its insurance business in Canada; and

  • (c) with respect to its insurance business in Canada, records showing, for each customer in Canada of, or claimant under a policy in Canada issued by, the foreign company, the amount owing to the foreign company and the nature of the liabilities of the foreign company to the customer or claimant.

• Marginal note:Standards for record keeping

  (2) The records described in paragraphs (1)(b) and (c) shall be kept in a manner that enables the chief agent in Canada of the foreign company to provide the Superintendent with the information required by section 664 and with the annual return required by subsection 665(2).

• Marginal note:Place of records

  (3) The records described in subsection (1) shall be kept at the chief agency of the foreign company.