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Resident Canadian (Insurance Companies) Regulations (SOR/92-284)

Regulations are current to 2024-02-06

Resident Canadian (Insurance Companies) Regulations

SOR/92-284

INSURANCE COMPANIES ACT

Registration 1992-05-14

Regulations Prescribing Classes of Persons the Members of which are Resident Canadians

P.C. 1992-1039  1992-05-14

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph (b) of the definition resident Canadian in sections 2 and 703 of the Insurance Companies ActFootnote *, is pleased hereby to make the annexed Regulations prescribing classes of persons the members of which are resident Canadians, effective June 1, 1992.

Short Title

 These Regulations may be cited as the Resident Canadian (Insurance Companies) Regulations.

Prescribed Resident Canadians

 For the purposes of paragraph (b) of the definition resident Canadian in section 2 of the Insurance Companies Act, members of the following classes of persons are resident Canadians:

  • (a) Canadian citizens not ordinarily resident in Canada whose principal reason for residing outside Canada is to act as a full-time employee of a body corporate

    • (i) of which more than 50 per cent of the voting shares are beneficially owned, or over which control or direction is exercised, by resident Canadians described in paragraph (a) or (c) of that definition,

    • (ii) a majority of the directors of which are resident Canadians described in paragraph (a) or (c) of that definition, or

    • (iii) that is a subsidiary of a body corporate described in subparagraph (i) or (ii);

  • (b) Canadian citizens not ordinarily resident in Canada who are full-time employees of an international association or organization of which Canada is a member; and

  • (c) Canadian citizens not ordinarily resident in Canada who were, on their sixtieth birthday, ordinarily resident in Canada and who have been residing outside Canada for less than 10 consecutive years.


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