Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Insurance Companies Act

Version of section 261 from 2003-01-01 to 2007-04-19:


Marginal note:Company records

  •  (1) A company shall prepare and maintain records containing

    • (a) its incorporating instrument and the by-laws of the company and all amendments thereto;

    • (b) minutes of meetings and resolutions of shareholders or policyholders;

    • (c) the information referred to in paragraphs 668(1)(a), (c) and (e) to (h) contained in all returns provided to the Superintendent pursuant to section 668;

    • (d) particulars of any authorizations, conditions and limitations established by the Superintendent pursuant to subsection 58(1) or (2) or 59(1) or that are from time to time applicable to the company; and

    • (e) particulars of exceptions granted under section 38 or 253 that are from time to time applicable to the company.

  • Marginal note:Additional records

    (2) In addition to the records described in subsection (1), a company shall prepare and maintain adequate

    • (a) corporate accounting records;

    • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof; and

    • (c) records showing, for each customer of, or claimant under a policy issued by, the company, the amount owing to the company and the nature of the liabilities of the company to the customer or claimant.

  • Marginal note:Former-Act and continued companies

    (3) For the purposes of paragraph (1)(b) and subsection (2),

    • (a) in the case of a body corporate continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so continued;

    • (b) in the case of a body corporate amalgamated and continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated; and

    • (c) in the case of a former-Act company, “records” includes similar records required by law to be maintained by the company before the coming into force of this section.

  • 1991, c. 47, s. 261
  • 1997, c. 15, s. 228(E)

Date modified: