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Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations (SOR/2006-301)

Regulations are current to 2024-02-06 and last amended on 2008-03-11. Previous Versions

Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations

SOR/2006-301

INSURANCE COMPANIES ACT

Registration 2006-11-28

Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations

P.C. 2006-1426 2006-11-28

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 294(1)Footnote a, (3)Footnote a and (6)Footnote a and 1021(1)Footnote b of the Insurance Companies ActFootnote c, hereby makes the annexed Civil Remedies (Insurance Companies and Insurance Holding Companies) Regulations.

Interpretation

 In these Regulations, Act means the Insurance Companies Act.

Civil Remedies

 For the purpose of paragraph 294(1)(d) of the Act, the prescribed percentage of voting rights attached to all of the insurance company’s or insurance holding company’s outstanding shares is 10%.

  • SOR/2008-87, s. 1(F)

 For the purpose of subsection 294(3) of the Act, take-over bid means a take-over bid under any legislation that is set out in column 2 of the schedule.

 For the purpose of paragraph 294(6)(c) of the Act, the prescribed circumstances are that the insider

  • (a) entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;

  • (b) made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;

  • (c) made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or

  • (d) purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

Coming into Force

 These Regulations come into force on the day on which they are registered.

 

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