Insurance Companies Act

Marginal note:Exemption by Minister

• 941 (1) On application by an insurance holding company and subject to any terms and conditions that the Minister considers appropriate, the Minister may by order exempt the insurance holding company from the requirements of section 938 if the Minister considers it appropriate to do so.

• Marginal note:Compliance with s. 938

  (2) The insurance holding company shall comply with section 938 as of the day on which the exemption order expires.

• Marginal note:Limit on assets

  (3) If an insurance holding company fails to comply with section 938 on the day referred to in subsection (2), it shall not, until it complies with that section, have average total assets in any three month period ending on the last day of a subsequent month exceeding its average total assets in the three month period ending on the last day of the month immediately preceding the day referred to in subsection (2) or on any later day that the Minister may specify by order.

• Marginal note:Application of s. 939(2)

  (4) Subsection 939(2) applies for the purposes of subsection (3).