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SUMMARY |
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This enactment amends the Insurance Companies Act to facilitate
the establishment of a demutualization regime for mutual insurance
companies proposing to convert to companies with common shares.
The amendments set out the framework governing an application by a
mutual insurance company to the Minister of Finance for approval of a
conversion proposal and for the issuance of letters patent of conversion,
including requirements governing the holding of a special meeting of
policyholders.
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This enactment also amends provisions of the Insurance Companies
Act concerning the preparation of policyholder lists and reinsurance
transactions entered into by foreign companies in the ordinary course
of business.
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