Insurance Companies Act

Marginal note:Conditions for order

• 581 (1) The Superintendent shall not make an order under this Part approving the insuring of risks by a body corporate until it has been shown to the satisfaction of the Superintendent that the body corporate has

  • (a) vested in trust assets having a prescribed value,

  • (b) appointed an actuary pursuant to section 623 and an auditor pursuant to section 633 for its insurance business in Canada, and

  • (c) established the place where its chief agency will be situated,

  and that all other relevant requirements of this Act have been complied with.

• Marginal note:Conditions of order

  (2) An order approving the insuring in Canada of risks by a foreign company may contain such conditions and limitations that are consistent with this Act and relate to the insurance business in Canada of the foreign company as the Superintendent deems expedient.

• Marginal note:Transitional

  (3) A foreign company that deposited securities with the Receiver General pursuant to section 7 or 25 of the Foreign Insurance Companies Act or section 196 or 219 of the Canadian and British Insurance Companies Act shall apply for the return of those securities within such period following the coming into force of this section as may be fixed by order of the Governor in Council.

• Marginal note:Assets in Canada

  (4) The securities referred to in subsection (3) are, until returned to the foreign company that deposited them, deemed to form part of the assets in Canada of that foreign company.