Insurance Companies Act

Marginal note:Exemption by Minister

• 414 (1) On application by a company and subject to any terms and conditions that the Minister considers appropriate, the Minister may by order exempt the company from the requirements of section 411 if the Minister considers it appropriate to do so.

• Marginal note:Compliance with section 411

  (2) The company shall comply with section 411 as of the day on which the exemption order expires.

• Marginal note:Limit on assets

  (3) If a company fails to comply with section 411 on the day referred to in subsection (2), it shall not, until it complies with that section, have average total assets in any three month period ending on the last day of a subsequent month exceeding its average total assets in the three month period ending on the last day of the month immediately preceding the day referred to in subsection (2) or on any later day that the Minister may specify by order.

• Marginal note:Application of s. 412(2)

  (4) Subsection 412(2) applies for the purposes of subsection (3).