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Mutual Property and Casualty Insurance Company with Non-mutual Policyholders Conversion Regulations (SOR/2015-168)

Regulations are current to 2020-12-28 and last amended on 2015-07-01. Previous Versions

Restrictions (continued)

Marginal note:Acquisition

 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.

Coming into Force

Marginal note:Publication

Footnote * These Regulations come into force on the day on which they are published in the Canada Gazette, Part II.

 
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