Exemption from Restrictions on Investments

Marginal note:Prescribed circumstances — life companies and insurance holding companies

1 For the purposes of subparagraph 495(3)(d)(ii) and 971(3)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1) or (2) of the Act.

Marginal note:Prescribed circumstances — property and casualty companies and marine companies

2 For the purpose of subparagraph 495(5)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 495(1) or (4) of the Act.

Marginal note:Prescribed circumstances — societies

3 For the purpose of subparagraph 554(3)(d)(ii) of the Insurance Companies Act, subsections 554(4) and (5) of the Act do not apply in determining whether a society would be permitted to acquire a substantial investment in an entity under subsection 552(2), paragraph 552(3)(b) or (c) or subsection 554(1) or (2) of the Act.

Coming into Force

Marginal note:Coming into force

Footnote ^*4 These Regulations come into force on the day on which paragraphs 501(a) and (b) and 554(9)(a) and (b) of the Insurance Companies Act, as enacted by sections 426 and 437 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

• Return to footnote ^*[Note: Regulations in force October 24, 2001, see SI/2001-102.]