Insurance Companies Act

Marginal note:Records

• 647 (1) A foreign company shall prepare and maintain

  • (a) copies of all orders of the Superintendent in relation to the foreign company;

  • (b) accounting records respecting its insurance business in Canada; and

  • (c) with respect to its insurance business in Canada, records showing, for each customer of, or claimant under a policy issued by, the foreign company, the amount owing to the foreign company and the nature of the liabilities of the foreign company to the customer or claimant.

• Marginal note:Standards for record keeping

  (2) The records described in paragraphs (1)(b) and (c) shall be kept in a manner that enables the chief agent of the foreign company to provide the Superintendent with the information required by section 664 and with the annual return required by subsection 665(2).

• Marginal note:Place of records

  (3) The records described in subsection (1) shall be kept at the chief agency of the foreign company.

• Marginal note:Exception

  (4) Subject to subsection 268(1.1), subsection (3) does not apply to a foreign company incorporated or formed otherwise in a country or territory other than Canada in which a trade agreement listed in Schedule IV of the Bank Act is applicable or that is a subsidiary of a regulated foreign entity.