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Vol. 135, No. 31 — August 4, 2001
Aggregate Financial Exposure (Insurance Companies) Regulations
Statutory Authority
Insurance Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definition | AGGREGATE FINANCIAL EXPOSURE (INSURANCE COMPANIES) REGULATIONS |
|---|---|
| INTERPRETATION | |
| Definition of "Act" | 1. In these Regulations, "Act" means the Insurance Companies Act. |
| AGGREGATE FINANCIAL EXPOSURE | |
| Aggregate financial exposure | 2. For the purpose of subsection 528.2(1) of the
Act, the aggregate financial exposure of a company is the amount determined
by the formula
A + B + C - D whereA is the book value of all investments by the company and its subsidiaries in securities of the related party; B is the total of the principal amounts of all outstanding loans to the related party that are held by the company and its subsidiaries, other than (a) loans referred to in paragraph 525(a) of the Act, and (b) deposits made for clearing purposes with a financial institution that is a direct clearer or a member of a clearing group under the by-laws of the Canadian Payments Association; C is the total of all outstanding amounts in respect of endorsements, acceptances or guarantees by the company and its subsidiaries on behalf of the related party, other than guarantees referred to in paragraph 525(a) of the Act; and D is the total of all amounts included in the value of A, B and C in respect of transactions referred to in section 522 of the Act. |
| COMING INTO FORCE | |
| Coming into Force | 3. These Regulations come into force on the day on which section 528.2 of the Insurance Companies Act, as enacted by section 429 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Aggregate Financial Exposure (Trust and Loan Companies) Regulations
Statutory Authority
Trust and Loan Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definition | AGGREGATE FINANCIAL EXPOSURE (TRUST AND LOAN COMPANIES) REGULATIONS |
|---|---|
| INTERPRETATION | |
| Definition of "Act" | 1. In these Regulations, "Act" means the Trust and Loan Companies Act. |
| AGGREGATE FINANCIAL EXPOSURE | |
| Aggregate financial exposure | 2. For the purpose of subsection 483.2(1) of the
Act, the aggregate financial exposure of a company is the amount determined
by the formula
A + B + C - D whereA is the book value of all investments by the company and its subsidiaries in securities of the related party; B is the total of the principal amounts of all outstanding loans to the related party that are held by the company and its subsidiaries, other than (a) loans referred to in paragraph 479(a) of the Act, and (b) deposits made for clearing purposes with a financial institution that is a direct clearer or a member of a clearing group under the by-laws of the Canadian Payments Association; C is the total of all outstanding amounts in respect of endorsements, acceptances or guarantees by the company and its subsidiaries on behalf of the related party, other than guarantees referred to in paragraph 479(a) of the Act; and D is the total of all amounts included in the value of A, B and C in respect of transactions referred to in section 478 of the Act. |
| COMING INTO FORCE | |
| Coming into force | 3. These Regulations come into force on the day on which section 483.2 of the Trust and Loan Companies Act, as enacted by section 552 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Ancillary Activities (Insurance Companies, Canadian Societies and Insurance Holding Companies) Regulations
Statutory Authority
Insurance Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definition | ANCILLARY ACTIVITIES (INSURANCE COMPANIES, CANADIAN SOCIETIES AND INSURANCE HOLDING COMPANIES) REGULATIONS |
|---|---|
| INTERPRETATION | |
| Definition | 1. In these Regulations, "Act" means the Insurance Companies Act. |
| LIFE COMPANIES | |
| Prescribed activities | 2. (1) For the purpose of paragraph 495(2)(f)
of the Act, the following activities are prescribed in relation to
an entity and a life company that acquires control of, or acquires
or increases a substantial investment in, the entity: (a) the provision of safety and risk prevention services and services respecting risk management and claims adjustment; (b) the operation of rehabilitation and training and development centres; (c) the provision of computer systems to independent insurance brokers and agents; (d) the provision of support to independent insurance brokers and agents; (e) the operation of repair and appraisal centres; and (f) any other activities that are reasonably ancillary to the business of insurance carried on by the life company. |
| Prescribed term or condition | (2) For the purpose of paragraph 495(2)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by the life company. |
| PROPERTY AND CASUALTY COMPANIES | |
| Prescribed activities | 3. (1) For the purpose of paragraph 495(4)(f)
of the Act, the following activities are prescribed in relation to
an entity and a property and casualty company that acquires control
of, or acquires or increases a substantial investment in, the entity: (a) the provision of safety and risk prevention services and services respecting risk management and claims adjustment; (b) the operation of rehabilitation and training and development centres; (c) the provision of computer systems to independent insurance brokers and agents; (d) the provision of support to independent insurance brokers and agents; (e) the operation of repair and appraisal centres; and (f) any other activities that are reasonably ancillary to the business of insurance carried on by the property and casualty company. |
| Prescribed term or condition | (2) For the purpose of paragraph 495(4)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by the property and casualty company. |
| SOCIETIES | |
| Prescribed activities | 4. For the purpose of paragraph 554(2)(f) of the Act in relation to an entity and a society that acquires control of, or acquires or increases a substantial investment in, the entity, prescribed activities are activities that are reasonably ancillary to the society's insurance business. |
| INSURANCE HOLDING COMPANIES | |
| Prescribed activities | 5. (1) For the purpose of paragraph 971(2)(f)
of the Act, the following activities are prescribed in relation to
an entity and an insurance holding company that acquires control of,
or acquires or increases a substantial investment in, the entity: (a) the provision of safety and risk prevention services and services respecting risk management and claims adjustment; (b) the operation of rehabilitation and training and development centres; (c) the provision of computer systems to independent insurance brokers and agents; (d) the provision of support to independent insurance brokers and agents; (e) the operation of repair and appraisal centres; and (f) any other activities that are reasonably ancillary to the business of insurance carried on by a company controlled by the insurance holding company. |
| Prescribed term or condition | (2) For the purpose of paragraph 971(2)(f) of the Act, a prescribed term or condition is that the activities referred to in paragraphs (1)(a) to (e) must be reasonably ancillary to the business of insurance carried on by a company controlled by the insurance holding company. |
| COMING INTO FORCE | |
| Coming into force | 6. These Regulations come into force (a) with respect to life companies on the day on which paragraph 495(2)(f) of the Insurance Companies Act, as enacted by section 426 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force; (b) with respect to property and casualty companies on the day on which paragraph 495(4)(f) of the Insurance Companies Act, as enacted by section 426 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force; (c) with respect to societies on the day on which paragraph 554(2)(f) of the Insurance Companies Act, as enacted by section 437 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force; and (d) with respect to insurance holding companies on the day on which paragraph 971(2)(f) of the Insurance Companies Act, as enacted by section 465 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Regulations Amending the Commercial Loan (Cooperative Credit Associations) Regulations
Statutory Authority
Cooperative Credit Associations Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
REGULATIONS AMENDING THE COMMERCIAL LOAN (COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS
AMENDMENTS
1. Section 4 of the Commercial Loan (Cooperative Credit Associations) Regulations (see footnote 1) is replaced by the following:
4. (1) For the purpose of the definition "commercial loan" in subsection 386(1) of the Act, "widely distributed" means
(a) in respect of debt obligations the distribution of which is exempt from the requirement to file a prospectus under the laws of Canada, a province or a jurisdiction outside Canada, that
(i) at least 90% of the maximum authorized principal of the debt obligations is held by one or more persons other than the association and its subsidiaries, and
(A) the debt obligations were issued to at least 25 persons other than the association and its subsidiaries within six months after the day on which the first of the debt obligations was issued, or
(B) if the debt obligations are issued on a continuous basis, there are on average at least 25 holders other than the association and its subsidiaries, or
(ii) at the time of their initial distribution, the debt obligations met at least three of the following criteria:
(A) their initial term was less than one year,
(B) they were rated by a rating agency,
(C) they were distributed through a person authorized to trade in securities, and
(D) they were distributed in accordance with an offering circular or memorandum, or a similar document relating to the distribution of securities; or
(b) in respect of any other securities, that
(i) they are listed and posted for trading on a recognized stock exchange,
or
(ii) a prospectus relating to the issuance of the securities was filed
under the laws of Canada, a province or a jurisdiction outside Canada.
(2) For the purpose of subparagraph (1)(a)(i), "maximum authorized principal" means, in relation to any debt obligation, the maximum amount of debt that may be issued under the terms of the debt obligation or any agreement relating to it.
2. Paragraphs 5(a) to (d) of the Regulations are replaced by the following:
(a) the International Bank for Reconstruction and Development;
(b) the International Finance Corporation;
(c) the Inter-American Development Bank;
(d) the Asian Development Bank;
(e) the African Development Bank;
(f) the European Investment Bank;
(g) the Caribbean Development Bank;
(h) the Nordic Investment Bank;
(i) the European Bank for Reconstruction and Development; and
(j) the Council of Europe Development Bank.
3. Section 6 of the Regulations is replaced by the following:
6. For the purposes of sections 398 and 399 of the Act, "total assets", in respect of an association, at a particular time, means the amount determined by the formula
A - B
where
A is the total of the assets that would be reported on the balance sheet of the association prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 292(4) of the Act; and
B is the total of the assets included in the value of A that are assets of a subsidiary of the association that is a financial institution or that are assets of a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the association.
COMING INTO FORCE
4. These Regulations come into force on the day on which section 463 of the Cooperative Credit Associations Act, as enacted by section 339 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.
[31-1-o]
Commercial Loan (Insurance Companies, Societies and Insurance Holding Companies) Regulations
Statutory Authority
Insurance Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definition | COMMERCIAL LOAN (INSURANCE COMPANIES, SOCIETIES
AND INSURANCE HOLDING COMPANIES) REGULATIONS |
|---|---|
| INTERPRETATION | |
| Definition of "Act" | 1. In these Regulations, "Act" means the Insurance Companies Act. |
| COMPANIES | |
| Prescribed international agencies | 2. For the purposes of the definition "commercial
loan" in subsection 490(1) of the Act, the prescribed international
agencies are (a) the International Bank for Reconstruction and Development; (b) the International Finance Corporation; (c) the Inter-American Development Bank; (d) the Asian Development Bank; (e) the African Development Bank; (f) the European Investment Bank; (g) the Caribbean Development Bank; (h) the Nordic Investment Bank; (i) the European Bank for Reconstruction and Development; and (j) the Council of Europe Development Bank. |
| Definition of "widely distributed" | 3. (1) For the purposes of the definition "commercial
loan" in subsection 490(1) of the Act, "widely distributed" means (a) in respect of debt obligations the distribution of which is exempt from the requirement to file a prospectus under the laws of Canada, a province or a jurisdiction outside Canada, that (i) at least 90% of the maximum authorized principal of the debt obligations is held by one or more persons other than the company and its subsidiaries, and
(A) the debt obligations were issued to at least 25 persons other
than the company and its subsidiaries within six months after
the day on which the first of the debt obligations was issued,
or (ii) at the time of their initial distribution, the debt obligations met at least three of the following criteria:
(A) their initial term was less than one year,
(i) they are listed and posted for trading on a recognized stock
exchange, or |
| Definition of "maximum authorized principal" | (2) In subparagraph (1)(a)(i) "maximum authorized principal" means, in relation to any debt obligation, the maximum amount of debt that may be issued under the terms of the debt obligation or any agreement relating to it. |
| Prescribed subsidiaries of a life company | 4. (1) For the purposes of sections 503 and 504 of the Act, all subsidiaries of a life company are prescribed subsidiaries of the company. |
| Prescribed subsidiaries of a property and casualty company | (2) For the purpose of section 505 of the Act, a prescribed subsidiary
of a property and casualty company is a subsidiary of the company
that is not (a) a financial institution; (b) a bank holding company or an insurance holding company; (c) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the company; or (d) a subsidiary of a bank holding company or an insurance holding company. |
| Prescribed percentage | 5. For the purpose of section 505 of the Act, the prescribed percentage is 5%. |
| Definition of "total assets" of a life company | 6. (1) For the purpose of section 503 of the Act, "total assets", in respect of a life company, at a particular time, means the total of the assets that would be reported on the balance sheet of the company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act. |
| Definition of "total assets" of a property and casualty company | (2) For the purpose of section 505 of the Act, "total assets", in
respect of a property and casualty company, at a particular time,
means the amount determined by the formula
A - B whereA is the total of the assets that would be reported on the balance sheet of the company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act; and B is the total of the assets included in the value of A that are assets of a subsidiary of the company that is (a) a financial institution; (b) a bank holding company or an insurance holding company; (c) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the company; or (d) a subsidiary of a bank holding company or an insurance holding company. |
| SOCIETIES | |
| Prescribed subsidiaries of a society | 7. For the purpose of section 562 of the Act, a
prescribed subsidiary of a society is a subsidiary of the society
that is not (a) a financial institution; or (b) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the society. |
| Prescribed percentage | 8. For the purpose of section 562 of the Act, the
prescribed percentage is (a) if the society has twenty-five million dollars or less of capital, 5%; and (b) if the society has more than twenty-five million dollars of capital, 100%. |
| Definition of "total assets" of a society | 9. For the purpose of section 562 of the Act, "total
assets", in respect of a society, at a particular time, means the
amount determined by the formula
A - B whereA is the total of the assets that would be reported on the balance sheet of the society prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act; and B is the total of the assets included in the value of A that are assets of a subsidiary of the society that is a financial institution or that are assets of a subsidiary of a financial institution other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the society. |
| INSURANCE HOLDING COMPANIES | |
| Prescribed subsidiaries of an insurance holding company | 10. For the purpose of sections 979 and 980 of the Act, all subsidiaries of an insurance holding company are prescribed subsidiaries of the insurance holding company. |
| Definition of "total assets" of an insurance holding company | 11. For the purpose of section 979 of the Act, "total assets", in respect of an insurance holding company, at a particular time, means the total of the assets that would be reported on the balance sheet of the insurance holding company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 887(4) of the Act. |
| REPEALS | |
| Repeals | 12. The following Regulations are repealed: (a) the Investments (Canadian Companies) Regulations(see footnote 2); (b) the Investments (Canadian Societies) Regulations (see footnote 3); and (c) the Commercial Loan (Insurance Companies) Regulations(see footnote 4) . |
| COMING INTO FORCE | |
| Coming into force | 13. These Regulations come into force on the day on which sections 494, 503 to 505, 561 to 564, 979 and 980 of the Insurance Companies Act, as enacted by sections 426, 437, 439, and 465 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force. |
| [31-1-o] |
Regulations Amending the Commercial Loan (Trust and Loan Companies) Regulations
Statutory Authority
Trust and Loan Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
REGULATIONS AMENDING THE COMMERCIAL LOAN (TRUST AND LOAN COMPANIES) REGULATIONS
AMENDMENTS
1. Section 4 of the Commercial Loan (Trust and Loan Companies) Regulations (see footnote 5) is replaced by the following:
4. (1) For the purpose of the definition "commercial loan" in subsection 449(1) of the Act, "widely distributed" means
(a) in respect of debt obligations the distribution of which is exempt from the requirement to file a prospectus under the laws of Canada, a province or a jurisdiction outside Canada, that
(i) at least 90% of the maximum authorized principal of the debt obligations is held by one or more persons other than the company and its subsidiaries, and
(A) the debt obligations were issued to at least 25 persons other than the company and its subsidiaries within six months after the day on which the first of the debt obligations was issued, or
(B) if the debt obligations are issued on a continuous basis, there are on average at least 25 holders other than the company and its subsidiaries, or
(ii) at the time of their initial distribution, the debt obligations met at least three of the following criteria:
(A) their initial term was less than one year,
(B) they were rated by a rating agency,
(C) they were distributed through a person authorized to trade in securities, and
(D) they were distributed in accordance with an offering circular or memorandum, or a similar document relating to the distribution of securities; or
(b) in respect of any other securities, that
(i) they are listed and posted for trading on a recognized stock exchange,
or
(ii) a prospectus relating to the issuance of the securities was filed
under the laws of Canada, a province or a jurisdiction outside Canada.
(2) For the purposes of subparagraph (1)(a)(i), "maximum authorized principal" means, in relation to any debt obligation, the maximum amount of debt that may be issued under the terms of the debt obligation or any agreement relating to it.
2. Paragraphs 5(a) to (d) of the Regulations are replaced by the following:
(a) the International Bank for Reconstruction and Development;
(b) the International Finance Corporation;
(c) the Inter-American Development Bank;
(d) the Asian Development Bank;
(e) the African Development Bank;
(f) the European Investment Bank;
(g) the Caribbean Development Bank;
(h) the Nordic Investment Bank;
(i) the European Bank for Reconstruction and Development; and
(j) the Council of Europe Development Bank.
COMING INTO FORCE
3. These Regulations come into force on the day on which section 531 of the Trust and Loan Companies Act, as enacted by section 569 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force.
[31-1-o]
Complaint Information (Banks) Regulations
Statutory Authority
Bank Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definitions | COMPLAINT INFORMATION (BANKS) REGULATIONS |
|---|---|
| PROVISION OF INFORMATION | |
| Information to be provided | 1. (1) For the purposes of subsection 456(1) of
the Bank Act, the information to be provided is that complaints
must be communicated in writing to: Financial Consumer Agency of Canada 6th Floor, Enterprise Building 427 Laurier Ave. West Ottawa, Ontario K1R 1B9 |
| Manner of providing information | (2) The information referred to in subsection (1) shall be provided
by the bank by means of (a) a separate written statement; or (b) a statement in a brochure, statement of account or written statement that contains other information that is required, under the Bank Act, to be disclosed in respect of a deposit account, an arrangement referred to in subsection 452(3) of that Act, a payment, credit or charge card, the cost of borrowing, or any other obligation of the bank under a consumer provision. |
| REPEAL | |
| Repeal | 2. The Complaint Information (Banks) Regulations(see footnote 6) are repealed. |
| COMING INTO FORCE | |
| Coming into force | 3. These Regulations come into force on the day on which section 456 of the Bank Act, as enacted by subsection 122(1) of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Complaint Information (Authorized Foreign Banks) Regulations
Statutory Authority
Bank Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definitions | COMPLAINT INFORMATION (AUTHORIZED FOREIGN BANKS) REGULATIONS |
|---|---|
| PROVISION OF INFORMATION | |
| Information to be provided | 1. (1) For the purposes of subsection 574(1) of
the Bank Act, the information to be provided is that complaints
must be communicated in writing to: Financial Consumer Agency of Canada 6th Floor, Enterprise Building 427 Laurier Ave. West Ottawa, Ontario K1R 1B9 |
| Manner of providing information | (2) The information referred to in subsection (1) shall be provided
by the authorized foreign bank by means of (a) a separate written statement; or (b) a statement in a brochure, statement of account or written statement that contains other information that is required, under the Bank Act, to be disclosed in respect of an arrangement referred to in subsection 570(3) of that Act, a payment, credit or charge card, the cost of borrowing, or any other obligation of the bank under a consumer provision. |
| REPEAL | |
| Repeal | 2. The Complaint Information (Authorized Foreign Banks) Regulations(see footnote 7) are repealed. |
| COMING INTO FORCE | |
| Coming into force | 3. These Regulations come into force on the day on which section 574 of the Bank Act, as enacted by subsection 157(1) of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Complaint Information (Foreign Insurance Companies) Regulations
Statutory Authority
Insurance Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definitions | COMPLAINT INFORMATION (FOREIGN INSURANCE COMPANIES) REGULATIONS |
|---|---|
| PROVISION OF INFORMATION | |
| Information to be provided | 1. (1) For the purposes of subsection 605(1) of
the Insurance Companies Act, the information to be provided
is that complaints must be communicated in writing to: Financial Consumer Agency of Canada 6th Floor, Enterprise Building 427 Laurier Ave. West Ottawa, Ontario K1R 1B9 |
| Manner of providing information | (2) The information referred to in subsection (1) shall be provided
by the foreign company by means of (a) a separate written statement; or (b) a statement in a brochure, statement of account or written statement that contains other information that is required, under the Insurance Companies Act, to be disclosed in respect of an arrangement referred to in subsection 601(3) of that Act, a payment, credit or charge card referred to in subsection 601(2) of that Act, the cost of borrowing, or any other obligation of the foreign company under a consumer provision. |
| REPEAL | |
| Repeal | 2. The Complaint Information (Foreign Insurance Companies) Regulations(see footnote 8) are repealed. |
| COMING INTO FORCE | |
| Coming into force | 3. These Regulations come into force on the day on which section 605 of the Insurance Companies Act, as enacted by subsection 444(1) of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
Complaint Information (Canadian Insurance Companies) Regulations
Statutory Authority
Insurance Companies Act
Sponsoring Department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see the Aggregate Financial Exposure (Banks) Regulations.
PROPOSED REGULATORY TEXT
For the Proposed Regulatory Text, see the Aggregate Financial Exposure (Banks) Regulations.
| definitions | COMPLAINT INFORMATION (CANADIAN INSURANCE COMPANIES) REGULATIONS |
|---|---|
| PROVISION OF INFORMATION | |
| Information to be provided | 1. (1) For the purposes of subsection 487(1) of
the Insurance Companies Act, the information to be provided
is that complaints must be communicated in writing to: Financial Consumer Agency of Canada 6th Floor, Enterprise Building 427 Laurier Ave. West Ottawa, Ontario K1R 1B9 |
| Manner of providing information | (2) The information referred to in subsection (1) shall be provided
by the company by means of (a) a separate written statement; or (b) a statement in a brochure, statement of account or written statement that contains other information that is required, under the Insurance Companies Act, to be disclosed in respect of an arrangement referred to in subsection 482(3) of that Act, a payment, credit or charge card, the cost of borrowing, or any other obligation of the company under a consumer provision. |
| REPEAL | |
| Repeal | 2. The Complaint Information (Canadian Insurance Companies) Regulations(see footnote 9) are repealed. |
| COMING INTO FORCE | |
| Coming into force | 3. These Regulations come into force on the day on which section 487 of the Insurance Companies Act, as enacted by subsection 424(1) of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, comes into force. |
| [31-1-o] |
SOR/92-356
SOR/92-273
SOR/92-275
SOR/92-355
SOR/92-349
SOR/92-316
SOR/99-274
SOR/92-361
SOR/92-317
NOTICE:
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