119. Paragraph 437(2)(a) of the Act is replaced by the following:
(a) has a right of access to any records, cash, assets and security held by or on behalf of an association; and
120. The Act is amended by adding the following after section 459.8:
Exceptions to Generally Accepted Accounting Principles
Marginal note:Calculations — generally accepted accounting principles
459.81 (1) If, as a result of a change to the accounting principles referred to in subsection 292(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.
Marginal note:Canada Gazette
(2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.
Marginal note:Five-year limit
(3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.
Marginal note:2007, c. 6, s. 184
121. Subsection 461.2(1) of the Act is replaced by the following:
Marginal note:Application for certain approvals
461.2 (1) An application for the prior written approval of the Minister in respect of paragraph 376(1)(g) or (h) or 390(5)(b.1), (c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.
PART 31991, c. 47INSURANCE COMPANIES ACT
Marginal note:2001, c. 9, s. 345(5)
« disposition visant les consommateurs »
“consumer provision” means a provision referred to in paragraph (c) or (c.1) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
- Date modified: