Export Development Canada Exercise of Certain Powers Regulations

6 (1) Subject to subsections (2) and (3), the Corporation may enter into a domestic insurance transaction.

(2) A domestic insurance transaction to be entered into by the Corporation requires the approval of the Minister and the Minister of Finance if it is entered into with or in respect of a person whose annual export transaction and foreign market business volume, at the time of the person’s request for insurance, reinsurance, indemnity or guarantee to the Corporation, is less than 50 per cent of that person’s total annual business volume.

(2.1) Despite subsection (2), the approval of the Minister and the Minister of Finance is not required if, within 48 months before the person’s request for insurance, reinsurance, indemnity or guarantee, the Ministers approved a domestic insurance transaction entered into by the Corporation with or in respect of that person.

(3) A domestic insurance transaction to be entered into by the Corporation requires the approval of the Minister and the Minister of Finance where the domestic insurance transaction is an insurance arrangement that is of a class defined in the schedule to the Insurance Companies Act and that is set out in column II of an item of the schedule to these Regulations.