Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
444. (1) Sections 604 and 605 of the Act are replaced by the following:
Complaints
Marginal note:Procedures for dealing with complaints
604. (1) A foreign company shall
(a) establish procedures for dealing with complaints made by persons in Canada having requested or received products or services in Canada from the foreign company;
(b) designate an officer or employee of the foreign company to be responsible for implementing those procedures; and
(c) designate one or more officers or employees of the foreign company to receive and deal with those complaints.
Marginal note:Procedures to be filed with Commissioner
(2) A foreign company shall file with the Commissioner a copy of its procedures established under paragraph (1)(a).
Marginal note:Obligation to be member of complaints body
604.1 In any province, if there is no law of the province that makes a foreign company subject to the jurisdiction of an organization that deals with complaints made by persons having requested or received products or services in the province from a foreign company, the foreign company shall be a member of an organization that is not controlled by it and that deals with those complaints that have not been resolved to the satisfaction of the persons under procedures established by foreign companies under paragraph 604(1)(a).
Marginal note:Information on contacting Agency
605. (1) A foreign company shall, in the prescribed manner, provide a person in Canada requesting or receiving a product or service in Canada from it with prescribed information on how to contact the Agency if the person has a complaint about an arrangement referred to in subsection 601(3), a payment, credit or charge card referred to in subsection 601(2), the disclosure of or manner of calculating the cost of borrowing in respect of a loan repayable in Canada or an advance on the security or against the cash surrender value of a policy in Canada, or about any other obligation of the foreign company under a consumer provision.
Marginal note:Report
(2) The Commissioner shall prepare a report, to be included in the report referred to in section 34 of the Financial Consumer Agency of Canada Act, respecting
(a) procedures for dealing with complaints established by foreign companies pursuant to paragraph 604(1)(a); and
(b) the number and nature of complaints that have been brought to the attention of the Agency by persons who have requested or received a product or service from a foreign company.
(2) If this section comes into force before paragraph 604(1)(a) and subsection 605(1) of the Act, as enacted, respectively, by sections 311 and 312 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, come into force, then sections 311 and 312 of that Act are repealed.
445. The Act is amended by adding the following after section 607:
Marginal note:Regulations re disclosure
607.1 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by foreign companies or any prescribed class of foreign companies, including regulations respecting
(a) the information that must be disclosed, including information relating to
(i) any product or service or prescribed class of products or services offered by them,
(ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services,
(iii) anything they are required to do or to refrain from doing under a consumer provision, and
(iv) any other matter that may affect their dealings with customers or the public;
(b) the manner, place and time in which, and the persons to whom, information is to be disclosed; and
(c) the content and form of any advertisement by foreign companies or any prescribed class of foreign companies relating to any matter referred to in paragraph (a).
Marginal note:1996, c. 6, s. 87
446. Section 608 of the Act is replaced by the following:
Marginal note:Adequacy of capital and liquidity — foreign company
608. (1) A foreign company shall, in relation to its insurance risks in Canada, maintain an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity and shall comply with any regulations in relation to an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity.
Marginal note:Liabilities
(2) For the purposes of subsection (1), the liabilities in Canada of a foreign company include the reserve included in the annual return required under subsection 665(2).
Marginal note:Guidelines
(3) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(a).
Marginal note:Directives
(4) Notwithstanding that a foreign company is complying with regulations made under paragraph 610(1)(a) or guidelines made under subsection (3), the Superintendent may, by order, direct the foreign company to increase the margin of its assets in Canada over its liabilities in Canada or to provide additional liquidity in the forms and the amounts that the Superintendent requires.
Marginal note:Compliance
(5) A foreign company shall comply with an order made under subsection (4) within the time that the Superintendent specifies in the order.
447. Paragraph 610(1)(a) of the English version of the Act is replaced by the following:
(a) respecting the maintenance by foreign companies of an adequate margin of assets in Canada over liabilities in Canada and adequate and appropriate forms of liquidity;
448. Subsections 611(1) and (2) of the Act are replaced by the following:
Marginal note:Vesting in trust
611. (1) The assets that a foreign company is required to maintain in Canada under sections 608 and 609 and the regulations made under section 610 must be vested in trust in a Canadian financial institution chosen by the foreign company.
Marginal note:Conflict of interest
(2) No Canadian financial institution may be appointed as trustee if at the time of the appointment there is a material conflict of interest between the Canadian financial institution’s role as trustee and any other of its roles.
449. Paragraph 647(1)(b) of the Act is replaced by the following:
(b) accounting records respecting its insurance business in Canada; and
450. Paragraphs 660(2)(a) and (b) of the Act are replaced by the following:
(a) require the management of the provincial company to establish procedures for complying with Part XI;
(b) review those procedures and their effectiveness in ensuring that the provincial company is complying with Part XI;
(b.1) if an insurance holding company or a bank holding company that is widely held has a significant interest in any class of shares of the provincial company, establish policies for entering into transactions referred to in section 528.1; and
451. The title of Part XV of the Act is replaced by the following:
REGULATION OF COMPANIES, SOCIETIES, FOREIGN COMPANIES AND PROVINCIAL COMPANIES — SUPERINTENDENT
452. Section 669 of the Act is replaced by the following:
Marginal note:Copy of by-laws
669. A company shall send to the Superintendent, within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment.
Marginal note:1997, c. 15, s. 324
453. (1) Subsection 670(2) of the Act is amended by adding the word “and” at the end of paragraph (a), by striking out the word “and” at the end of paragraph (b) and by repealing paragraph (c).
Marginal note:1997, c. 15, s. 324
(2) Subsection 670(3) of the Act is amended by adding the word “and” at the end of paragraph (a), by striking out the word “and” at the end of paragraph (b) and by repealing paragraph (c).
Marginal note:1997, c. 15, s. 324
(3) Subsection 670(4) of the Act is replaced by the following:
Marginal note:Form
(4) The register may be maintained in
(a) a bound or loose-leaf form or a photographic film form; or
(b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time.
Marginal note:Access
(5) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it.
Marginal note:Evidence
(6) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent.
454. Subsection 672(1) of the Act is replaced by the following:
Marginal note:Confidential information
672. (1) Subject to section 673, all information regarding the business or affairs of a company, society, foreign company or provincial company, or regarding a person dealing with any of them, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly.
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