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Insurance Companies Act

Version of section 969 from 2003-01-01 to 2007-04-19:


Marginal note:Restriction on control and substantial investments

  •  (1) Subject to subsections (2) and (3), no insurance holding company shall acquire control of, or hold, acquire or increase a substantial investment in, any entity other than a permitted entity.

  • Marginal note:Exception: indirect investments

    (2) An insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity other than a permitted entity by way of

    • (a) an acquisition of control of an entity referred to in any of paragraphs 971(1)(a) to (j), a specialized financing entity or a prescribed entity that controls or has a substantial investment in the entity; or

    • (b) an acquisition of shares or ownership interests in the entity by

      • (i) an entity referred to in any of paragraphs 971(1)(a) to (j), a specialized financing entity or a prescribed entity that is controlled by the insurance holding company, or

      • (ii) an entity controlled by an entity referred to in any of paragraphs 971(1)(a) to (j), a specialized financing entity or a prescribed entity that is controlled by the insurance holding company.

  • Marginal note:Exception: temporary investments, realizations and loan workouts

    (3) An insurance holding company may acquire control of, or acquire or increase a substantial investment in, an entity by way of

    • (a) a temporary investment permitted by section 974;

    • (b) an acquisition of shares of a body corporate or of ownership interests in an unincorporated entity permitted by section 975; or

    • (c) a realization of security permitted by section 976.

  • Marginal note:Exception: uncontrolled event

    (4) An insurance holding company is deemed not to contravene subsection (1) if the insurance holding company acquires control of, or acquires or increases a substantial investment in, an entity solely as the result of an event not within the control of the insurance holding company.

  • 2001, c. 9, s. 465

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