Insurance Companies Act

Marginal note:Powers of directors and officers suspended

• 683 (1) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d), 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) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph 679(1.21)(d), 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) If the Superintendent takes control of a company, society or provincial company under subparagraph 679(1)(b)(iii) or paragraph (1.21)(d), or of the assets of a foreign company under subparagraph 679(1)(b)(i) or (ii) or paragraph 679(1.21)(b) or (c), 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.