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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

Marginal note:2002, c. 14, s. 1

 Paragraph (b) of the definition “securities and derivatives clearing house” in subsection 13.1(3) of the Act is replaced by the following:

R.S., c. W-11; 1996, c. 6, s. 134Winding-up and Restructuring Act

Marginal note:1996, c. 6, s. 135(2)

 The definition “foreign insurance company” in subsection 2(1) of the Winding-up and Restructuring Act is replaced by the following:

“foreign insurance company”

« société étrangère »

“foreign insurance company” means an insurance company that is authorized under Part XIII of the Insurance Companies Act to insure in Canada risks;

Marginal note:1992, c. 26, s. 19

 Section 3 of the Act is amended by striking out the word “or” at the end of paragraph (h) and by replacing paragraph (i) with the following:

  • (i) if, in the case of a company that is a federal member institution, within the meaning assigned to that expression by the Canada Deposit Insurance Corporation Act, the shares and subordinated debt of which have been vested in the Canada Deposit Insurance Corporation by order of the Governor in Council under paragraph 39.13(1)(a) of that Act, a transaction or series of transactions referred to in subsection 39.2(1) of that Act is not, in the opinion of the Corporation, substantially completed on or before the date that is not later than

    • (i) 60 days after the making of the order vesting the shares and subordinated debt of the federal member institution in the Corporation, or

    • (ii) the expiration of any extension of that period; or

  • (j) if, in the case of a company that is a federal member institution, within the meaning assigned to that expression by the Canada Deposit Insurance Corporation Act, in respect of which the Canada Deposit Insurance Corporation has been appointed as receiver by order of the Governor in Council under paragraph 39.13(1)(b) of that Act, a transaction or series of transactions referred to in subsection 39.2(2) of that Act is not, in the opinion of the Corporation, substantially completed on or before the date that is not later than

    • (i) 60 days after the making of the order appointing the Corporation as receiver, or

    • (ii) the expiration of any extension of that period.

Marginal note:1996, c. 6, s. 161

 Paragraph 161(6)(b) of the Act is replaced by the following:

  • (b) holders of policies of a class of insurance specified in the order of the Superintendent under Part XIII of the Insurance Companies Act, other than holders of a policy exempt from Part XIII by virtue of section 572.1 of that Act, and

Marginal note:1996, c. 6, s. 161
  •  (1) Subsections 162(1) and (2) of the Act are replaced by the following:

    Marginal note:Transfer and reinsurance of policies by liquidator
    • 162. (1) The liquidator may, with the approval of the court and without the consent of the policyholders, arrange for the transfer or reinsurance of

      • (a) all or a portion of the policies of the company, in the case of a company other than a foreign company, or

      • (b) all or a portion of the policies in respect of a foreign company’s insurance business in Canada

      in a company, society, foreign company or provincial company within the meaning of subsection 2(1) of the Insurance Companies Act or an insurance company incorporated by or under an Act of a legislature of a province and authorized under the laws of the province to issue policies of the class being transferred or reinsured, if the terms of the transfer or reinsurance are, in the opinion of the court having regard to the priorities set out in this Part, fair and equitable to

      • (c) the policyholders whose policies are being transferred or reinsured,

      • (d) the estate of the company as a whole, and

      • (e) the remaining policyholders of the company.

    • Marginal note:Transfer and reinsurance of policies by liquidator

      (2) The liquidator may, with the approval of the court and without the consent of the policyholders, arrange for the transfer or reinsurance of all or a portion of the policies of the company, other than policies in respect of its insurance business in Canada, in any body corporate if the terms of the transfer or reinsurance are, in the opinion of the court, having regard to the priorities set out in this Part, fair and equitable to

      • (a) the policyholders whose policies are being transferred or reinsured;

      • (b) the estate of the company as a whole; and

      • (c) the remaining policyholders of the company.

  • (2) Section 162 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Mortgage insurance policies

      (4) The liquidator of a company, society or foreign company within the meaning of subsection 2(1) of the Insurance Companies Act may, with the approval of the court and the consent of the Canada Mortgage and Housing Corporation, and without the consent of the policyholders, arrange for the transfer to that corporation of all or a portion of the company’s, society’s or foreign company’s policies of mortgage insurance, or arrange for the reinsurance of all or a portion of those policies by that corporation.

Marginal note:1996, c. 6, s. 161

 Section 165 of the Act is replaced by the following:

Marginal note:Transfer to foreign liquidator

165. If a foreign company is in liquidation in the country in which its head office is situated, the Superintendent may, if the Superintendent considers it advisable and in the interests of policyholders in respect of the foreign company’s insurance business in Canada, authorize the liquidator, subject to the approval of the court, to transfer the assets of the foreign company to the liquidator in that country.

Marginal note:1996, c. 6, s. 161

 Subsection 168(1) of the Act is replaced by the following:

Marginal note:Copy of statement filed in Office of the Superintendent
  • 168. (1) A copy of the statement referred to in subsection 166(1), certified by the liquidator, shall be filed in the Office of the Superintendent, after not less than 30 days’ notice of the liquidator’s intention to do so has been given by the liquidator by notice in the Canada Gazette and in the official gazette of each province, and in two newspapers published at or nearest the place where the head office of the company or the chief agency of the company, as the case may be, is situated.

Marginal note:1996, c. 6, s. 161

 Section 171 of the Act is replaced by the following:

Marginal note:Publication of notice of proceedings

171. Publication in the Canada Gazette, in the official gazette of each province and in two newspapers published at or nearest the place where the head office of the company or chief agency of the company, as the case may be, is situated, of notice of any proceedings of which, under this Act, creditors should be notified, is sufficient notice to holders of policies in respect of which no notice of claim has been received.

PART 6COORDINATING AMENDMENTS AND COMING INTO FORCE

Coordinating Amendments

Marginal note:2005, c. 54

 On the later of the day on which subsection 213(2) of An Act to amend certain Acts in relation to financial institutions, being chapter 54 of the Statutes of Canada, 2005, comes into force and the day on which subsection 438(3) of this Act comes into force ― or, if those days are the same day, then on that day ― paragraph 17(1)(e) of the Green Shield Canada Act is replaced by the following:

  • (e) sections 160 to 162, paragraphs 165(2)(a) to (d), (h) and (i), sections 166 and 167, subsection 168(1), sections 170 to 172, subsections 174(1) and (3) to (6), 174(7) (except the reference in it to subsection 173(4)) and 175(1) and (4), sections 177 and 189 to 194, subsection 195(1), sections 196, 202 and 203, subsections 204(1) and (2), paragraphs 204(3)(a) to (c), subsections 204(4) to (6), sections 205 and 206, paragraphs 207(a) to (c), (h) and (i), sections 208 to 215, paragraphs 216(2)(d) and (e), subsections 217(1) and (2), paragraphs 217(3)(a) and (c), sections 218 to 223, 244, 254, 255 and 260, subsections 261(1) and (2) and 262(1) to (6), sections 266 to 268, paragraphs 269(a) and (b), sections 270, 278, 279 and 330, paragraphs 331(1)(a) and (b) to (e), subsection 331(2), paragraphs 331(3)(b) and (c), subsections 331(4) and (6), sections 332 to 357 and 359.1 to 380, paragraph 381(1)(a), subsection 381(2) and sections 382 to 406 of Part VI;

Marginal note:2005, c. 54

 On the later of the day on which section 416 of An Act to amend certain Acts in relation to financial institutions, being chapter 54 of the Statutes of Canada, 2005, comes into force and the day on which section 352 of this Act comes into force ― or, if those days are the same day, then on that day ― subsection 245(3) of the English version of the Trust and Loan Companies Act is replaced by the following:

  • Marginal note:Entitlement

    (3) A shareholder or creditor of a company or their personal representative — or if the company is a distributing company, any person — is entitled to a basic list of shareholders of the company.

Coming into Force

Marginal note:Order in council

 The provisions of this Act, or the provisions of any Act enacted by this Act, come into force on a day or days to be fixed by order of the Governor in Council.

 

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