Insurance Companies Act
Marginal note:Criteria for approval
233 The Superintendent shall approve the purchase or other acquisition of shares pursuant to a mutualization proposal if the Superintendent is satisfied that
(a) the purchase or other acquisition of shares would not cause the company to be in contravention of any regulation referred to in any of subsections 515(1) and (2) and 516(1) and (2) or in any direction made pursuant to subsection 515(3) or 516(4); and
(b) the stated capital of the shares has, in the opinion of the Superintendent, ceased to be an important factor in safeguarding the interests of the policyholders of the company, having regard to the quality and amount of the assets of the company, the surplus of the company relative to its liabilities, the nature of the business carried on by the company and any other considerations deemed by the Superintendent to be relevant.
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