Insurance Companies Act (S.C. 1991, c. 47)

Marginal note:Appointment of actuary

• 623. (1) A foreign company that is required by this Act to provide the Superintendent with the report of an actuary shall without delay appoint a person to be the actuary of the foreign company for its insurance business in Canada.

• Marginal note:Notice of appointment

  (2) A foreign company shall, forthwith after the appointment of an actuary of the foreign company, notify the Superintendent in writing of the appointment.

624. [Repealed, 1997, c. 15, s. 318]

Marginal note:Chief agent

• 624.1 (1) The chief agent of a foreign company may not be appointed as or hold the position of actuary of the foreign company unless authorized in writing by the Superintendent.

• Marginal note:Duration of authorization

  (2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day.

Marginal note:Revocation of appointment

• 625. (1) A foreign company may revoke the appointment of the actuary of the foreign company.

• Marginal note:Notice of revocation

  (2) A foreign company shall, forthwith after the revocation of the appointment of the actuary of the foreign company, notify the Superintendent in writing of the revocation.

Marginal note:Ceasing to hold office

• 626. (1) A person ceases to hold office as the actuary of a foreign company when

  • (a) the person resigns as actuary of the foreign company;

  • (b) the person ceases to be an actuary;

  • (c) the person dies; or

  • (d) the appointment of the person as actuary of the foreign company is revoked by the foreign company.

• Marginal note:Effective date of resignation

  (2) The resignation of an actuary of a foreign company becomes effective at the time a written resignation is sent to the foreign company or at the time specified in the resignation, whichever is later.

• Marginal note:Filling vacancy

  (3) Where a vacancy occurs in the office of actuary of a foreign company, the foreign company shall forthwith notify the Superintendent in writing of the vacancy and fill the vacancy.