Insurance Companies Act
Version of section 597 from 2010-01-01 to 2024-04-16:
Marginal note:Restriction re related parties
597 (1) Except with the approval of the Superintendent, a foreign company may cause itself to be reinsured, in respect of risks undertaken under its policies, by a related party of the foreign company only if the related party is
(a) a company; or
(b) a foreign company that, in Canada, reinsures those risks.
Meaning of related party
(2) For the purposes of this section, related party, in relation to a foreign company, means a related party within the meaning of Part XI, with such modifications as the circumstances require.
- 1991, c. 47, s. 597
- 2007, c. 6, s. 278
- Date modified: