Insurance Companies Act

Marginal note:Disqualified persons

797 The following persons are disqualified from being directors of an insurance holding company:

• (a) a person who is less than eighteen years of age;

• (b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;

• (c) a person who has the status of a bankrupt;

• (d) a person who is not a natural person;

• (e) a person who is prohibited by subsection 793(7) or section 945 or 955 from exercising voting rights attached to shares of the insurance holding company;

• (f) a person who is an officer, director or full-time employee of an entity that is prohibited by subsection 793(7) or section 945 or 955 from exercising voting rights attached to shares of the insurance holding company;

• (f.1) a person who is an officer, director, employee or agent of — or any other person nominated by or acting on behalf of — an eligible agent within the meaning of section 406.1;

• (g) a person who is an agent or employee of Her Majesty in right of Canada or in right of a province;

• (h) a minister of Her Majesty in right of Canada or in right of a province; and

• (i) a person who is an agent or employee of the government of a foreign country or any political subdivision thereof.