Marginal note:Deemed revocation

654. An order made under subsection 574(1) in respect of a foreign company is deemed to be revoked when an order is made under section 651 or 652 authorizing the release of its assets in Canada.

655. [Repealed, 2007, c. 6, s. 298]

Marginal note:Application of other provisions

• 656. (1) Divisions XII to XIV of Part VI, other than subsection 330(2), Parts VIII to XI and Part XX apply to provincial companies.

• Marginal note:Idem

  (2) Subsections 15(1) and (2) and sections 254 to 256 and 268 apply, with such modifications as the circumstances require, to every provincial company for which an order for the commencement and carrying on of business under this Part has been made to the same extent that they are applicable to, or in respect of, a company, but to the extent to which any provision referred to in this section would effect an enlargement, in any respect, of the corporate powers or rights of any provincial company under its incorporating instrument, that provision does not apply to the provincial company.

Marginal note:Making of order

• 657. (1) Forthwith on the coming into force of this Part, the Superintendent shall make an order approving the commencement and carrying on of business by every provincial company.

• Marginal note:Order to specify classes of insurance

  (2) An order approving the commencement and carrying on of business by a provincial company under subsection (1) shall specify the classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1).

• Marginal note:Conditions of order

  (3) An order approving the commencement and carrying on of business by a provincial company may contain such conditions or limitations that are consistent with this Act and relate to the business of the provincial company as the Superintendent deems expedient and necessary.

• Marginal note:Variations

  (4) In respect of the order approving the commencement and carrying on of business by a provincial company, the Superintendent may at any time, by further order,

  • (a) specify additional classes of insurance risks that the provincial company is permitted to insure pursuant to section 443, as applied by subsection 656(1),

  • (b) make the order subject to such conditions or limitations that are consistent with this Act and that relate to the business of the provincial company as the Superintendent deems expedient and necessary, or

  • (c) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject,

  but before making any such further order the Superintendent shall provide the provincial company with an opportunity to make representations regarding that further order.

• (5) and (6) [Repealed, 1996, c. 6, s. 91]