Insurance Companies Act

Marginal note:When approval not required

• 937 (1) Despite subsections 927(1) and (2) and section 934, the approval of the Minister is not required if

  • (a) the Superintendent has, by order, directed the insurance holding company to increase its capital and shares of the insurance holding company are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or

  • (b) a person, other than an eligible agent, who controls, within the meaning of paragraph 3(1)(a), the insurance holding company acquires additional shares of the insurance holding company.

• Marginal note:Exception

  (2) Paragraph (1)(a) does not apply in respect of an insurance holding company in respect of which subsection 927(4) or (6) applies.

• Marginal note:Pre-approval

  (3) For the purposes of subsections 927(1) and (2) and section 934, the Minister may approve

  • (a) the purchase or other acquisition of such number or percentage of shares of an insurance holding company as may be required in a particular transaction or series of transactions; or

  • (b) the purchase or other acquisition of up to a specified number or percentage of shares of an insurance holding company within a specified period.