Public Accountability Statements (Insurance Companies and Trust and Loan Companies) Regulations

Marginal note:Affiliates of declarant

• 2 (1) For the purpose of subsection 459.3(1) of the Bank Act, subsection 489.1(1) of the Insurance Companies Act, subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is required to be published are

  • (a) the affiliates of the declarant that are finance entities as defined in the Finance Entity Regulations except for an affiliate that is a finance entity that makes or refinances loans to, or enters into any other similar arrangements for advancing funds or credit with, only entities that are its affiliates; or

  • (b) the affiliates of the declarant that are financial institutions with equity of less than one billion dollars, other than foreign institutions that carry on business exclusively outside of Canada.

• Marginal note:Exception

  (2) For the purpose of subsection 459.3(1) of the Bank Act, subsection 489.1(1) of the Insurance Companies Act, subsection 444.2(1) of the Trust and Loan Companies Act, the affiliates of a declarant in respect of which a public accountability statement is not required to be published in a given period are the entities referred to in paragraphs (1)(a) and (b) in respect of which a public accountability statement is published by another declarant for that period.