Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations

Marginal note:Affiliates of declarant

• 2 (1) For the purposes of subsection 489.1(1) of the Insurance Companies Act and subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is required to be published are

  • (a) the affiliates of the declarant that are finance entities as defined in the Finance Entity Regulations except for an affiliate that is a finance entity that makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that are its affiliates; or

  • (b) the affiliates of the declarant that are financial institutions with equity of less than one billion dollars, other than foreign institutions that carry on business exclusively outside of Canada.

• Marginal note:Exception

  (2) For the purposes of subsection 489.1(1) of the Insurance Companies Act and subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is not required to be published in a given period are the entities referred to in paragraphs (1)(a) and (b) in respect of which a public accountability statement is published by another declarant for that period.