Insurance Companies Act
Marginal note:When approval not required
410 (1) Despite subsections 407(1) and (2) and section 408, the approval of the Minister is not required if
(a) the Superintendent has, by order, directed the company to increase its capital and shares of the company are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or
(b) a person who controls, within the meaning of paragraph 3(1)(a), the company acquires additional shares of the company.
(1.1) Paragraph (1)(a) does not apply in respect of a converted company in respect of which subsection 407(4) or (11) applies or a company to which subsection 407(5) or (12) applies.
(2) For the purposes of subsections 407(1) and (2) and section 408, the Minister may approve
(a) the purchase or other acquisition of such number or percentage of shares of a company as may be required in a particular transaction or series of transactions; or
(b) the purchase or other acquisition of up to a specified number or percentage of shares of a company within a specified period.
- 1991, c. 47, s. 410
- 2001, c. 9, s. 405
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