Insurance Companies Act
Marginal note:Conditions of release
651 Except as otherwise provided in this Act, the assets in Canada of a foreign company may not be released unless the foreign company
(a) obtains the surrender of its outstanding policies in Canada or transfers them to or reinsures them with a company or another foreign company the insuring in Canada of risks by which has been approved by order of the Superintendent; and
(b) provides the Superintendent with proof of the publication, for four consecutive weeks, in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated and the Canada Gazette of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its policyholders in Canada opposing that release to file their opposition with the Superintendent on or before the day.
- 1991, c. 47, s. 651
- 1996, c. 6, s. 90
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