Insurance Companies Act

Marginal note:Conditions of release

651 Except as otherwise provided in this Act, the Superintendent may, by order, authorize the release of the assets in Canada of a foreign company if the foreign company

• (a) has, in respect of its policies,

  • (i) obtained their surrender,

  • (ii) transferred them,

  • (iii) caused itself to be reinsured, on an assumption basis, against the risks undertaken under them, or

  • (iv) otherwise discharged its liabilities under them, or provided for their discharge in a manner satisfactory to the Superintendent;

• (b) has discharged all of its obligations, other than liabilities under its policies, or provided for them in a manner satisfactory to the Superintendent; and

• (c) has provided the Superintendent with proof of the publication, for four consecutive weeks, in the Canada Gazette and in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated, of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its creditors and policyholders opposing that release to file their opposition with the Superintendent on or before the day.