Marginal note:Power of Commissioner on inquiry

697. The Commissioner, in carrying out his or her duties in relation to consumer provisions, has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction.

Marginal note:Compliance agreement

698. The Commissioner may enter into an agreement, called a “compliance agreement”, with a company or foreign company for the purposes of implementing any measure designed to further compliance by it with the consumer provisions.

Marginal note:Purpose

699. The purpose of this Part is to provide for the incorporation, formation and regulation of insurance holding companies that are holding bodies corporate of life companies.

699.1 [Repealed, 2001, c. 9, s. 465]

Marginal note:Definitions

• 700. (1) The following definitions apply in this Part.

  “affairs”

  « affaires internes »

  “affairs”, with respect to an insurance holding company, means the relationships among the insurance holding company and its affiliates and the shareholders, directors and officers of the insurance holding company and its affiliates, but does not include the business of the insurance holding company or any of its affiliates.

  “complainant”

  « plaignant »

  “complainant”, in relation to an insurance holding company or any matter concerning an insurance holding company, means

  • (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of the insurance holding company or any of its affiliates;

  • (b) a director or an officer, or a former director or officer, of the insurance holding company or any of its affiliates; or

  • (c) any other person who, in the discretion of a court, is a proper person to make an application under section 912, 916 or 1031.

  “subordinated indebtedness”

  « titre secondaire »

  “subordinated indebtedness” means an instrument evidencing an indebtedness of an insurance holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the insurance holding company, be subordinate in right of payment to all liabilities of the insurance holding company except those liabilities that, by their terms, rank equally with or are subordinate to such indebtedness.

• Marginal note:Provisions in other Parts

  (2) A reference in a provision in this Part to a provision in any other Part is deemed to be a reference to that provision as it has been made applicable by this Part in respect of insurance holding companies.

• Marginal note:References in other Parts

  (3) A reference in a provision of another Part to a provision that has been made applicable in respect of insurance holding companies by this Part is to be read as including a reference to that provision as it has been made applicable in respect of insurance holding companies.