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

Act current to 2013-05-20 and last amended on 2012-12-19. Previous Versions

Marginal note:Annual statement — approval

  • 888. (1) The directors of an insurance holding company shall approve the annual statement and their approval shall be evidenced by the signature or a printed or otherwise mechanically reproduced facsimile of the signature of

    • (a) the chief executive officer or, in the event of that officer’s absence or inability to act, any other officer of the insurance holding company authorized by the directors to sign in the stead of the chief executive officer; and

    • (b) one director, if the signature required by paragraph (a) is that of a director, or two directors if the signature required by that paragraph is that of an officer who is not a director.

  • Marginal note:Condition precedent to publication

    (2) An insurance holding company shall not publish copies of an annual statement unless it is approved and signed in accordance with subsection (1).

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 352.
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Marginal note:Statements — subsidiaries

  • 889. (1) An insurance holding company shall keep at its head office a copy of the current financial statements of each subsidiary of the insurance holding company.

  • Marginal note:Examination

    (2) Subject to this section, the shareholders of an insurance holding company and their personal representatives may, on request therefor, examine the statements referred to in subsection (1) during the usual business hours of the insurance holding company and may take extracts therefrom free of charge.

  • Marginal note:Barring examination

    (3) An insurance holding company may refuse to permit an examination under subsection (2) by any person.

  • Marginal note:Application for order

    (4) Within fifteen days after a refusal under subsection (3), the insurance holding company shall apply to a court for an order barring the right of the person concerned to make an examination under subsection (2) and the court shall either order the insurance holding company to permit the examination or, if it is satisfied that the examination would be detrimental to the insurance holding company or to any other body corporate the financial statements of which would be subject to examination, bar the right and make any further order it thinks fit.

  • Marginal note:Notice to Superintendent

    (5) An insurance holding company shall give the Superintendent and the person seeking to examine the statements referred to in subsection (1) notice of an application to a court under subsection (4), and the Superintendent and the person may appear and be heard in person or by counsel at the hearing of the application.

  • 2001, c. 9, s. 465.
Marginal note:Annual statement — distribution

  • 890. (1) An insurance holding company shall, no later than 21 days before the date of each annual meeting or before the signing of a resolution under paragraph 779(1)(b) in lieu of the annual meeting, send to each shareholder a copy of the documents referred to in subsections 887(1) and (3) unless that time period is waived by the shareholder.

  • Marginal note:Exception

    (2) An insurance holding company is not required to comply with subsection (1) with respect to shareholders who have informed the insurance holding company, in writing, that they do not wish to receive the annual statement.

  • Marginal note:Effect of default

    (3) Where an insurance holding company is required to comply with subsection (1) and the insurance holding company does not comply with that subsection, the annual meeting at which the annual statement is to be considered shall be adjourned until that subsection has been complied with.

  • 2001, c. 9, s. 465;
  • 2005, c. 54, s. 353.
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