Mutual Property and Casualty Insurance Company Having Only Mutual Policyholders Conversion Regulations

Marginal note:Acquisition

15 During a company’s first two years as a converted company, the Minister may only give an approval under subsection 407(1) of the Act in respect of the company if

• (a) the proposed acquisition would not result in the converted company having a major shareholder; or

• (b) the Minister is of the opinion that the converted company is, or is about to be, in financial difficulty and that the proposed acquisition would facilitate an improvement in its financial condition.