Insurance Companies Act

Marginal note:Approval of Minister required

• 570.07 (1) No action directed toward the voluntary liquidation and dissolution of a society shall be taken by a society, other than as provided in sections 570.05 and 570.06, until an application made by the society under section 570.06 has been approved by the Minister.

• Marginal note:Conditional approval

  (2) If the Minister is satisfied, on the basis of an application made under section 570.06, that the circumstances warrant the voluntary liquidation and dissolution of a society, the Minister may approve the application.

• Marginal note:Effect of approval

  (3) If the Minister approves an application made under section 570.06 with respect to a society, the society shall not carry on business except to the extent necessary to complete its voluntary liquidation.

• Marginal note:Liquidation process

  (4) If the Minister approves an application made under section 570.06 with respect to a society, the society shall

  • (a) cause notice of the approval to be sent to each known claimant, except members, against the society and to each known creditor of the society;

  • (b) publish notice of the approval once a week for four consecutive weeks in the Canada Gazette and once a week for two consecutive weeks in one or more newspapers in general circulation in each province in which the company transacted any business within the preceding twelve months;

  • (c) proceed to collect its property, dispose of property that is not to be distributed in kind to its members, discharge or provide for all its obligations and do all other acts required to liquidate its business; and

  • (d) after giving the notice required under paragraphs (a) and (b) and adequately providing for the payment or discharge of all its obligations, distribute its remaining property, either in money or in kind, among its members according to their respective rights.