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

Marginal note:Report to chief agent

• 645. (1) It is the duty of the auditor of a foreign company to report in writing to the chief agent of the foreign company any transactions or conditions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention affecting the well-being of the foreign company that in the auditor’s opinion are not satisfactory and require rectification and, without restricting the generality of the foregoing, the auditor shall, as occasion requires, make a report to the chief agent in respect of transactions in respect of the insurance business in Canada of the foreign company that have come to the auditor’s attention and that in the auditor’s opinion have not been within the powers of the foreign company.

• Marginal note:Transmission of report

  (2) Where the auditor of a foreign company makes a report under subsection (1), the auditor shall, at the time of transmitting the report to the chief agent provide the Superintendent with a copy of the report.

Marginal note:Qualified privilege for statements

646. Any oral or written statement or report made under this Act by the auditor or a former auditor of a foreign company has qualified privilege.

Marginal note:Records

• 647. (1) A foreign company shall prepare and maintain

  • (a) copies of all orders of the Superintendent in relation to the foreign company;

  • (b) accounting records respecting its insurance business in Canada; and

  • (c) with respect to its insurance business in Canada, records showing, for each customer of, or claimant under a policy issued by, the foreign company, the amount owing to the foreign company and the nature of the liabilities of the foreign company to the customer or claimant.

• Marginal note:Standards for record keeping

  (2) The records described in paragraphs (1)(b) and (c) shall be kept in a manner that enables the chief agent of the foreign company to provide the Superintendent with the information required by section 664 and with the annual return required by subsection 665(2).

• Marginal note:Place of records

  (3) The records described in subsection (1) shall be kept at the chief agency of the foreign company.

Marginal note:Examination of books

648. The Superintendent may examine the books, vouchers, receipts and other documents of a foreign company relating to its insurance business in Canada for the purpose of verifying information provided to the Superintendent pursuant to section 664 or 665.

Marginal note:Sections 266 to 270 apply

649. Section 266 to 270 apply, with such modifications as the circumstances require, to foreign companies.